Windom, Minnesota Property Taxes
The median property tax rate in Windom, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Windom at $224,300, the typical annual property tax bill amounts to $2,006, falling below the national median of $2,690. Property taxes in Windom are calculated based on the tax assessed value, typically lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. 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 Jackson County, comprehending 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 Jackson 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 0.83%, which is lower 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 areas and the national median. For comparison, the zip code 56101 has the same median property tax rate of 0.83%. Understanding how these areas compare with Windom provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Windom Tax Rate
0.83%
Average Jackson County Tax Rate
1.05%
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 | 0.30% | 0.52% | 0.83% | 1.21% | 1.76% |
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 local 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. For example, the median home price in Windom is $224,300, with a tax bill ranging from $1,104 at the 25th percentile to $4,297 at the 90th percentile. The highest and lowest median tax bills are both $2,006 in the 56101 zip code. By understanding 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.
Average Windom Assessed Value
$224,300
Average Jackson County Assessed Value
$145,950
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 | $52,970 | $133,600 | $224,300 | $436,800 | $797,390 |
Source: Ownwell
Property Tax Bills Across Windom, Minnesota
In Windom, located in Jackson County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value takes into account factors such as the home's market value, size, location, and condition. For example, the median home price in Windom is $224,300. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Windom, the 25th percentile of property tax bills is $1,104, while the 75th percentile is $2,944, and the 90th percentile reaches $4,297. These figures indicate a range of property tax burdens depending on the value and characteristics of individual properties. The median property tax bill in Windom is $2,006, which is slightly higher than the national median property tax rate of 0.99%. This system ensures that homeowners contribute to local services and infrastructure based on the value of their property, impacting their annual financial planning and homeownership costs.
Average Windom Tax Bill
$2,006
Average Jackson County Tax Bill
$1,463
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 | $453 | $1,104 | $2,006 | $2,944 | $4,297 |
Source: Ownwell