Wayzata, Minnesota Property Taxes
The median property tax rate in Wayzata, MN is 1.14%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wayzata, the typical annual property tax bill reaches $8,724, exceeding the national median of $2,690. Property taxes in Wayzata 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 Wayzata'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 Wayzata 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
Wayzata, 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 Wayzata Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayzata with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayzata 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 Wayzata, Minnesota
Property taxes in Wayzata, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayzata is 1.14%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wayzata set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayzata 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 Wayzata's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55391 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Wayzata provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wayzata Tax Rate
1.14%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayzata, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55391 | 0.97% | 1.06% | 1.14% | 1.22% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Wayzata, Minnesota
In Wayzata, 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 Hennepin 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. In Wayzata, 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. The median home price in Wayzata is $758,350, with median tax bills ranging from $5,565 at the 25th percentile to $28,202 at the 90th percentile. The zip code 55391 has both the highest and lowest median tax bills at $8,724. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayzata Assessed Value
$758,350
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wayzata, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55391 | $354,000 | $500,000 | $758,350 | $1,301,250 | $2,417,400 |
Source: Ownwell
Property Tax Bills Across Wayzata, Minnesota
Property tax bills in Wayzata, located in Hennepin County, MN, are calculated based on the assessed value of the property and the local tax rate. The median home price in Wayzata is $758,350, which plays a significant role in determining the tax bill. The local tax rate is applied to the assessed value, resulting in the final tax bill. Homeowners in Wayzata can expect a wide range of tax bills depending on their property's value, with the 25th percentile tax bill at $5,565 and the 75th percentile reaching $15,355. For those in the 90th percentile, the tax bill can soar to $28,202. This variability in tax bills underscores the importance of the assessed property value and the local tax rate. Compared to the national median property tax rate of 0.99%, Wayzata's tax rates reflect the area's higher property values. For homeowners, this means that while their tax bills might be higher, they are also likely benefiting from the higher market values of their properties.
Average Wayzata Tax Bill
$8,724
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayzata, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55391 | $3,730 | $5,565 | $8,724 | $15,355 | $28,202 |
Source: Ownwell