Wanamingo, Minnesota Property Taxes
The median property tax rate in Wanamingo, MN is 1.35%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wanamingo at $255,050, the typical annual property tax bill reaches $3,067, exceeding the national median of $2,690. Property taxes in Wanamingo 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 Wanamingo'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 Wanamingo 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
Wanamingo, 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 Wanamingo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wanamingo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wanamingo 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 Wanamingo, Minnesota
Property taxes in Wanamingo, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wanamingo is 1.35%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wanamingo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wanamingo 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 Wanamingo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55983 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with Wanamingo provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wanamingo Tax Rate
1.35%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wanamingo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55983 | 0.52% | 0.90% | 1.35% | 1.42% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Wanamingo, Minnesota
In Wanamingo, 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 Goodhue 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 Wanamingo, 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. The median home price in Wanamingo is $255,050, with tax bills ranging from $2,328 at the 25th percentile to $5,043 at the 90th percentile. The highest and lowest median tax bills are both $3,067 in the 55983 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wanamingo Assessed Value
$255,050
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wanamingo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55983 | $92,310 | $196,075 | $255,050 | $336,325 | $492,130 |
Source: Ownwell
Property Tax Bills Across Wanamingo, Minnesota
In Wanamingo, located in Goodhue 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 Wanamingo is $255,050. The tax bill is determined by multiplying the assessed value by the local property tax rate. Factors such as property size, location, and improvements can influence the assessed value. For example, in Wanamingo, tax bills range significantly, with the 25th percentile at $2,328 and the 75th percentile reaching $4,112. The highest median tax bill in the area is $3,067, which is considerably higher than the national median property tax rate of 0.99%. These property taxes fund local services like schools, roads, and emergency services, impacting homeowners by contributing to the overall cost of owning a home. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Wanamingo Tax Bill
$3,067
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wanamingo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55983 | $1,717 | $2,328 | $3,067 | $4,112 | $5,043 |
Source: Ownwell