West Concord, Minnesota Property Taxes
The median property tax rate in West Concord, MN is 0.86%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $232,750 in West Concord, the typical annual property tax bill amounts to $2,566, slightly below the national median of $2,690. Property taxes in West Concord are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding the intricacies of West Concord’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 West Concord or another part of Dodge County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
West Concord, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,002
Ownwell’s West Concord Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Concord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Concord 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 West Concord, Minnesota
Property taxes in West Concord, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Concord is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within West Concord set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Concord 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 West Concord's effective property tax rate to other areas in Dodge County and the national median. For comparison, the zip code 55985 has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with West Concord provides valuable insights into the varying tax landscape across Dodge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Concord Tax Rate
0.86%
Average Dodge County Tax Rate
1.28%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | 0.48% | 0.76% | 0.86% | 1.52% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across West Concord, Minnesota
In West Concord, 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 Dodge 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 West Concord, 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 West Concord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In West Concord, the median home price is $232,750. The tax bills in the 25th percentile are around $1,990, while those in the 75th percentile are approximately $3,494. For the 90th percentile, tax bills can reach up to $4,523. The highest and lowest median tax bills are both found in the 55985 zip code, amounting to $2,566.
Property Tax Assessment Values Across West Concord, Minnesota
Source: Ownwell
$226,900
$387,350
$547,800
Average West Concord Assessed Value
$232,750
Average Dodge County Assessed Value
$291,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | $116,390 | $156,900 | $232,750 | $381,800 | $665,550 |
Source: Ownwell
Property Tax Bills Across West Concord, Minnesota
In West Concord, located in Dodge County, MN, property tax bills are calculated based on the assessed value of a home combined with the local tax rate. For a median home priced at $232,750, homeowners can expect their property tax bill to vary significantly. Factors such as property size, location, and any applicable exemptions or deductions also play a crucial role in determining the final amount. The tax bill for homes in the 25th percentile is around $1,990, while those in the 75th percentile can expect to pay approximately $3,494. For the top 10% of property values, tax bills can reach up to $4,523. Comparing these figures to the national median property tax rate of 0.99%, it's clear that local rates and home values can significantly impact what homeowners owe each year. Understanding these factors helps homeowners in West Concord anticipate their annual tax obligations and manage their finances accordingly.
Average West Concord Tax Bill
$2,566
Average Dodge County Tax Bill
$3,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | $1,465 | $1,990 | $2,566 | $3,494 | $4,523 |
Source: Ownwell