Westbrook, Minnesota Property Taxes
The median property tax rate in Westbrook, MN is 0.28%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Westbrook at $617,700, the typical annual property tax bill is $1,540, well below the national median of $2,690. Property taxes in Westbrook 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 Westbrook'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 Westbrook 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
Westbrook, 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 Westbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westbrook 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 Westbrook, Minnesota
Property taxes in Westbrook, Minnesota, play an essential role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Westbrook is 1.04%, higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Westbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westbrook 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 Westbrook's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55101 zip code has the highest median property tax rate of 1.35%, while the 56101 zip code has the lowest median tax rate of 0.72%. Understanding how these cities compare with Westbrook 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 Westbrook Tax Rate
0.28%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56183 | 0.14% | 0.19% | 0.28% | 0.53% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Westbrook, Minnesota
In Westbrook, 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 Westbrook, 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 Westbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Westbrook is $617,700, with the highest and lowest median tax bills both at $1,540 in the 56183 zip code. This is notably lower than the national median property tax rate of 0.99%, offering significant savings for residents.
Average Westbrook Assessed Value
$617,700
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 Westbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56183 | $109,840 | $179,000 | $617,700 | $1,428,100 | $1,901,640 |
Source: Ownwell
Property Tax Bills Across Westbrook, Minnesota
In Westbrook, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. Factors such as property improvements, market conditions, and neighborhood trends influence the assessed value. For homeowners in Westbrook, the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $824, while at the 75th percentile, it rises to $2717. At the 90th percentile, it reaches $4016, reflecting the range of home values and tax burdens within the community. The highest and lowest median tax bills in the area are both $1540, highlighting a degree of consistency in property tax assessments. Compared to the national median property tax rate of 0.99%, Westbrook homeowners experience a range of tax bills that can significantly impact their annual expenses, depending on their property's assessed value and the applicable tax rate.
Average Westbrook Tax Bill
$1,540
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Westbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56183 | $626 | $824 | $1,540 | $2,717 | $4,016 |
Source: Ownwell