Wadena, Minnesota Property Taxes
The median property tax rate in Wadena, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $224,300 in Wadena, the typical annual property tax bill amounts to $1,522, falling well below the national median of $2,690. Property taxes in Wadena are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wadena'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 Wadena or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wadena, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,705
Ownwell’s Wadena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wadena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wadena 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 Wadena, Minnesota
Property taxes in Wadena, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wadena is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Wadena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wadena 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 Wadena's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56482 has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Wadena provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wadena Tax Rate
0.76%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wadena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56482 | 0.34% | 0.59% | 0.76% | 0.79% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Wadena, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wadena, Minnesota. 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 Otter Tail County Assessor 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 Wadena, 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. The median home price in Wadena is $224,300, with tax bills ranging from $998 at the 25th percentile to $2,920 at the 90th percentile. The zip code with the highest and lowest median tax bill is 56482, both at $1,522. Being aware of these valuation processes in Wadena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wadena Assessed Value
$224,300
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wadena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56482 | $87,280 | $160,500 | $224,300 | $317,900 | $443,140 |
Source: Ownwell
Property Tax Bills Across Wadena, Minnesota
In Wadena, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Wadena is $224,300. The assessed value is determined by local assessors who consider factors such as the property's size, age, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For instance, homeowners in Wadena can expect their property tax bills to vary significantly. The 25th percentile tax bill is $998, while the 75th percentile tax bill reaches $2,179. At the 90th percentile, homeowners may pay up to $2,920. This variation can significantly affect homeowners, as higher property taxes can increase the overall cost of owning a home. Comparatively, the national median property tax rate is 0.99%, making Wadena's property taxes relatively moderate. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Wadena Tax Bill
$1,522
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wadena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56482 | $438 | $998 | $1,522 | $2,179 | $2,920 |
Source: Ownwell