Wannaska, Minnesota Property Taxes
The median property tax rate in Wannaska, MN is 0.81%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wannaska at $153,200, the typical annual property tax bill is $1,084, well below the national median of $2,690. Property taxes in Wannaska are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Wannaska'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 Wannaska 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
Wannaska, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,241
Ownwell’s Wannaska Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wannaska with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wannaska 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 Wannaska, Minnesota
Property taxes in Wannaska, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wannaska is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Wannaska set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wannaska 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 Wannaska's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56761 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Wannaska provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wannaska Tax Rate
0.81%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | 0.62% | 0.74% | 0.81% | 1.13% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Wannaska, Minnesota
In Wannaska, 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 Beltrami 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. 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. Being aware of these valuation processes in Wannaska helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,084, found in the 56761 zip code.
Average Wannaska Assessed Value
$153,200
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | $44,940 | $94,800 | $153,200 | $192,525 | $208,050 |
Source: Ownwell
Property Tax Bills Across Wannaska, Minnesota
In Wannaska, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. For example, the median home price in Wannaska is $153,200. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value, which can fluctuate over time. Homeowners in Wannaska can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $556, while those in the 75th percentile pay around $1,569. At the higher end, the 90th percentile tax bill reaches $1,679. These variations highlight the impact of different property values and local tax assessments. Comparing this to the national median property tax rate of 0.99%, Wannaska homeowners may find their tax bills to be relatively moderate. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Wannaska Tax Bill
$1,084
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | $367 | $556 | $1,084 | $1,569 | $1,679 |
Source: Ownwell