Walnut Grove, Minnesota Property Taxes
The median property tax rate in Walnut Grove, MN is 0.31%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Walnut Grove at $518,100, the typical annual property tax bill amounts to $1,788, well below the national median of $2,690. Property taxes in Walnut Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Walnut Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Walnut Grove 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
Walnut Grove, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$1,606
Ownwell’s Walnut Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Grove 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 Walnut Grove, Minnesota
Property taxes in Walnut Grove, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Grove is 0.31%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Walnut Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Grove 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 Walnut Grove's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the region is 1.50%, while the lowest median tax rate is 0.25%. Understanding how these cities compare with Walnut Grove provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Grove Tax Rate
0.31%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56180 | 0.16% | 0.19% | 0.31% | 0.64% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Grove, Minnesota
In Walnut Grove, 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 Murray 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 Walnut Grove, 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 Walnut Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the 56180 zip code is $1,788.
Average Walnut Grove Assessed Value
$518,100
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walnut Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56180 | $135,000 | $224,750 | $518,100 | $1,351,850 | $2,126,700 |
Source: Ownwell
Property Tax Bills Across Walnut Grove, Minnesota
Property tax bills in Walnut Grove, located in Murray County, MN, are calculated based on the assessed value of a property combined with the local tax rate. The median home price in this area stands at $518,100. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. In Walnut Grove, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,329, while the 75th percentile tax bill reaches $3,605, and the 90th percentile tax bill can go up to $4,780. These variations depend on factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Walnut Grove might find their tax bills to be relatively high or low, depending on their specific circumstances. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Walnut Grove Tax Bill
$1,788
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56180 | $784 | $1,329 | $1,788 | $3,605 | $4,780 |
Source: Ownwell