Walnut Grove, Minnesota Property Taxes
The median property tax rate in Walnut Grove, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $190,450 in Walnut Grove, the typical annual property tax bill amounts to $1,220, which is well below the national median of $2,690. Property taxes in Walnut Grove are calculated based on the tax assessed value, which tends to be lower than the market value due to exemptions like primary residence and agricultural exemptions. By understanding Walnut Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Walnut Grove or another part of Cottonwood County, gaining insight into the local property tax system is advantageous.
Last Updated June 14, 2024
Walnut Grove, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Walnut Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Grove 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 Walnut Grove, Minnesota
Property taxes in Walnut Grove, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Grove is 0.62%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Walnut Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Grove 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 Walnut Grove's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56180 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Walnut Grove provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Grove Tax Rate
0.62%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56180 | 0.27% | 0.39% | 0.62% | 0.67% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Grove, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Walnut Grove, MN. 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 Cottonwood County Assessor 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 in Walnut Grove 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. In Walnut Grove, the zip code with the highest and lowest median tax bill is 56180, with a value of $1,220. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walnut Grove Assessed Value
$190,450
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walnut Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56180 | $111,940 | $131,750 | $190,450 | $348,925 | $1,414,630 |
Source: Ownwell
Property Tax Bills Across Walnut Grove, Minnesota
Property tax bills in Walnut Grove, located in Cottonwood County, MN, are determined through a combination of assessed property values and the local tax rate. The assessed value is a percentage of the market value of the home, which is then multiplied by the tax rate set by local taxing authorities. For example, with a median home price of $190,450, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $884, while those in the 75th percentile might see bills closer to $1,624. At the 90th percentile, tax bills can reach as high as $3,185. The median tax bill in the area stands at $1,220, which is higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for residents. Homeowners need to be aware of these factors as they can significantly affect annual expenses.
Average Walnut Grove Tax Bill
$1,220
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56180 | $729 | $884 | $1,220 | $1,624 | $3,185 |
Source: Ownwell