Welcome, Minnesota Property Taxes
The median property tax rate in Welcome, MN is 1.15%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Welcome at $114,400, the typical annual property tax bill reaches $1,232, exceeding the national median of $2,690. Property taxes in Welcome 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 Welcome'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 Welcome 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
Welcome, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,316
Ownwell’s WELCOME Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WELCOME with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WELCOME 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 Welcome, Minnesota
Property taxes in WELCOME, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in WELCOME is 1.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within WELCOME set these rates annually, and they can vary significantly across different neighborhoods. Each year, WELCOME 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 WELCOME's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56181 zip code has both the highest and lowest median property tax rate of 1.15%. Understanding how these cities compare with WELCOME provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Welcome Tax Rate
1.15%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Welcome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56181 | 0.36% | 0.59% | 1.15% | 1.58% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Welcome, Minnesota
In WELCOME, 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 Martin 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 WELCOME, 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 WELCOME helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1232.00 in zip code 56181, while the lowest median tax bill is also $1232.00 in the same zip code.
Average Welcome Assessed Value
$114,400
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Welcome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56181 | $23,600 | $64,400 | $114,400 | $224,600 | $461,040 |
Source: Ownwell
Property Tax Bills Across Welcome, Minnesota
In WELCOME, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in this area is $114,400. Property tax rates are applied to this assessed value to determine the tax bill. Various factors influence the final tax amount, including local government budgets, school funding needs, and public service requirements. For homeowners, this means the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $667, while the 75th percentile tax bill is $1887. At the 90th percentile, it can go up to $2898. The highest and lowest median tax bills in the area are both $1232, indicating a uniform rate in some zip codes. Compared to the national median property tax rate of 0.99%, Martin County homeowners might find their rates relatively manageable, but the impact on individual finances can still be substantial depending on the property's assessed value.
Average Welcome Tax Bill
$1,232
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Welcome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56181 | $254 | $667 | $1,232 | $1,887 | $2,898 |
Source: Ownwell