Wawina, Minnesota Property Taxes
The median property tax rate in Wawina, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wawina at $130,850, the typical annual property tax bill reaches $645, significantly below the national median of $2,690. Property taxes in Wawina are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wawina'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 Wawina 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
Wawina, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$759
Ownwell’s Wawina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wawina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wawina 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 Wawina, Minnesota
Property taxes in Wawina, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wawina is 0.58%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wawina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wawina 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 Wawina's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55736 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Wawina provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wawina Tax Rate
0.58%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wawina, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | 0.20% | 0.35% | 0.58% | 0.83% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Wawina, Minnesota
In Wawina, 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 Itasca 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 Wawina, 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 Wawina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wawina is $645.00 in zip code 55736, which is also the lowest median tax bill.
Average Wawina Assessed Value
$130,850
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wawina, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | $53,790 | $72,975 | $130,850 | $162,000 | $183,400 |
Source: Ownwell
Property Tax Bills Across Wawina, Minnesota
In Wawina, property tax bills are calculated based on the assessed value of a home, which reflects its market value. For a median home price of $130,850, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $293, while those in the 75th percentile might see bills as high as $884. The tax burden for those in the 90th percentile can reach up to $1,667. These figures illustrate the range of property tax obligations within the city. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The assessed value is then multiplied by the local tax rate to determine the final bill. This process ensures that homeowners contribute fairly to local services like schools, infrastructure, and emergency services. With the national median property tax rate at 0.99%, Wawina's property tax rates provide a comparative perspective on how local taxes impact the financial responsibilities of homeowners in the area.
Average Wawina Tax Bill
$645
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wawina, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | $157 | $293 | $645 | $884 | $1,667 |
Source: Ownwell