Winnebago, Minnesota Property Taxes
The median property tax rate in Winnebago, MN is 0.71%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Winnebago, the typical annual property tax bill reaches $2,200, falling below the national median of $2,690. Property taxes in Winnebago 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 Winnebago'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 Winnebago 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
Winnebago, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$2,383
Ownwell’s Winnebago Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winnebago with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winnebago 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 Winnebago, Minnesota
Property taxes in Winnebago, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winnebago is 1.03%, higher than both the Minnesota state median of 0.99% and the U.S. national median of 0.99%. Local government entities within Winnebago set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winnebago 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 Winnebago's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56098 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Winnebago 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 Winnebago Tax Rate
0.71%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winnebago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56098 | 0.17% | 0.34% | 0.71% | 0.91% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Winnebago, Minnesota
In Winnebago, 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 Winnebago, 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 Winnebago helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Winnebago are both $2200, found in zip code 56098.
Average Winnebago Assessed Value
$335,650
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 Winnebago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56098 | $128,800 | $201,700 | $335,650 | $487,875 | $1,592,300 |
Source: Ownwell
Property Tax Bills Across Winnebago, Minnesota
In Winnebago, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which generally aims to reflect the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence this tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Winnebago is $335,650, with tax bills ranging from $1,396 at the 25th percentile to $3,925 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,200, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Winnebago’s rates can significantly impact homeowners, affecting their annual financial planning and overall affordability of homeownership. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Winnebago Tax Bill
$2,200
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winnebago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56098 | $893 | $1,396 | $2,200 | $3,044 | $3,925 |
Source: Ownwell