Woodstock, Minnesota Property Taxes
The median property tax rate in Woodstock, MN is 0.20%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Woodstock at $495,900, the typical annual property tax bill is $1,365, which is well below the national median of $2,690. Property taxes in Woodstock 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 Woodstock'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 Woodstock 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
Woodstock, 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 Woodstock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodstock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodstock 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 Woodstock, Minnesota
Property taxes in Woodstock, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodstock is 1.05%, higher than the Minnesota state median of 1.00% and the U.S. national median of 0.99%. Local government entities within Woodstock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodstock 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 Woodstock's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55301 zip code has the highest median property tax rate of 1.25%, while the 55101 zip code has the lowest median tax rate of 0.85%. Understanding how these cities compare with Woodstock 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 Woodstock Tax Rate
0.20%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodstock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56186 | 0.12% | 0.13% | 0.20% | 0.40% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Woodstock, Minnesota
In Woodstock, 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 Woodstock, 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 Woodstock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Woodstock is $495,900, with tax bills ranging from $577 at the 25th percentile to $3,510 at the 90th percentile. The highest and lowest median tax bill is $1,365 in the 56186 zip code.
Average Woodstock Assessed Value
$495,900
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 Woodstock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56186 | $115,130 | $189,975 | $495,900 | $1,596,150 | $1,875,870 |
Source: Ownwell
Property Tax Bills Across Woodstock, Minnesota
In Woodstock, MN, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Woodstock, the median home price stands at $495,900. Property taxes can vary significantly, with the 25th percentile tax bill at $577 and the 75th percentile reaching $2,462. At the 90th percentile, homeowners might see tax bills as high as $3,510. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Woodstock's property tax rates reflect local economic conditions and funding needs. Homeowners should be aware of these factors as they can significantly affect their annual financial planning and overall cost of homeownership.
Average Woodstock Tax Bill
$1,365
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodstock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56186 | $386 | $577 | $1,365 | $2,462 | $3,510 |
Source: Ownwell