Wyoming, Minnesota Property Taxes
The median property tax rate in Wyoming, MN is 0.81%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wyoming at $353,300, the typical annual property tax bill reaches $2,883, slightly above the national median of $2,690. Property taxes in Wyoming are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wyoming's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wyoming or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wyoming, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,862
$2,656
Ownwell’s Wyoming Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wyoming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wyoming to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wyoming, Minnesota
Property taxes in Wyoming, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wyoming is 0.81%, lower than the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Wyoming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wyoming estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Wyoming's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55092 zip code has the highest median property tax rate of 0.81%, while the 55092 zip code has the lowest median tax rate of 0.81%. Understanding how these cities compare with Wyoming provides valuable insights into the varying tax landscape across Anoka, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wyoming Tax Rate
0.81%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wyoming, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55092 | 0.68% | 0.78% | 0.81% | 0.91% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, Minnesota
In Wyoming, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Anoka County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Wyoming, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code 55092 has the highest and lowest median tax bill at $2,883. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wyoming Assessed Value
$353,300
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wyoming, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55092 | $144,300 | $277,400 | $353,300 | $459,100 | $574,500 |
Source: Ownwell
Property Tax Bills Across Wyoming, Minnesota
In Wyoming, located in Anoka County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as market conditions, home improvements, and neighborhood trends can influence the assessed value. For instance, the median home price in Wyoming is $353,300, which provides a benchmark for understanding property tax calculations in the area. Homeowners in Wyoming experience a range of property tax bills. At the 25th percentile, the tax bill is $2,191, while at the 75th percentile, it rises to $3,844. For those at the 90th percentile, the tax bill can reach up to $4,959. These figures highlight the variability in property tax obligations, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Wyoming's property tax bills reflect the local economic and real estate conditions, affecting how much homeowners need to allocate annually for property taxes.
Average Wyoming Tax Bill
$2,883
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wyoming, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55092 | $904 | $2,191 | $2,883 | $3,844 | $4,959 |
Source: Ownwell