Windom, Minnesota Property Taxes
The median property tax rate in Windom, MN is 1.18%, which is considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Windom at $148,850, the typical annual property tax bill reaches $1,654, exceeding the national median of $2,690. Property taxes in Windom are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Windom'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 Windom 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
Windom, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,756
Ownwell’s Windom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Windom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Windom 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 Windom, Minnesota
Property taxes in Windom, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Windom is 1.18%, higher than the U.S. national median of 0.99%. Local government entities within Windom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Windom 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 Windom's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56101 has the highest median property tax rate of 1.18% and the lowest median tax rate of 1.18%. Understanding how these cities compare with Windom 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 Windom Tax Rate
1.18%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Windom, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56101 | 0.74% | 0.94% | 1.18% | 1.30% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Windom, Minnesota
In Windom, 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 Cottonwood 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 Windom, 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 Windom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Windom is $1,654, with the same value observed for both the highest and lowest median tax bills in the 56101 zip code.
Average Windom Assessed Value
$148,850
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 Windom, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56101 | $31,700 | $87,950 | $148,850 | $216,100 | $310,840 |
Source: Ownwell
Property Tax Bills Across Windom, Minnesota
In Windom, located in Cottonwood County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Windom is $148,850. To determine the tax bill, the assessed value of the property is multiplied by the tax rate set by local authorities. Several factors influence the assessed value, including the property's market value, improvements made, and comparable sales in the area. For homeowners in Windom, the tax bill can vary significantly. The 25th percentile tax bill is $832, while the 75th percentile tax bill reaches $2,612. Those at the 90th percentile see tax bills as high as $3,784. The median tax bill in the area, found in ZIP code 56101, stands at $1,654, which is notably higher than the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, with those owning higher-valued properties or properties with significant improvements paying more in property taxes.
Average Windom Tax Bill
$1,654
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Windom, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56101 | $317 | $832 | $1,654 | $2,612 | $3,784 |
Source: Ownwell