Wabasso, Minnesota Property Taxes
The median property tax rate in Wabasso, MN is 1.36%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wabasso at $140,600, the typical annual property tax bill reaches $1,526, which is below the national median of $2,690. Property taxes in Wabasso 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 Wabasso'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 Wabasso 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
Wabasso, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$1,912
Ownwell’s Wabasso Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wabasso with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wabasso 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 Wabasso, Minnesota
Property taxes in Wabasso, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wabasso is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wabasso set these rates annually, and they can vary across different neighborhoods. Each year, Wabasso 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 Wabasso's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56293 has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Wabasso provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wabasso Tax Rate
1.36%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wabasso, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56293 | 0.55% | 1.06% | 1.36% | 1.55% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Wabasso, Minnesota
In Wabasso, 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 Redwood 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 Wabasso, 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 Wabasso helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56293, with a value of $1,526, which is above the national median property tax rate of 0.99%.
Average Wabasso Assessed Value
$140,600
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wabasso, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56293 | $45,820 | $82,300 | $140,600 | $232,900 | $373,460 |
Source: Ownwell
Property Tax Bills Across Wabasso, Minnesota
In Wabasso, located in Redwood County, MN, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in Wabasso is $140,600. Property taxes are calculated based on this assessed value, considering factors such as property size, location, and market conditions. Homeowners in this region experience a range of tax bills. For instance, the tax bill at the 25th percentile is $976, while at the 75th percentile, it rises to $2,546. For those at the 90th percentile, the tax bill can reach up to $3,833. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Wabasso to understand how local rates and property values influence their tax obligations. This variability in tax bills significantly impacts homeowners, affecting their annual financial planning and long-term investment in their property.
Average Wabasso Tax Bill
$1,526
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wabasso, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56293 | $598 | $976 | $1,526 | $2,546 | $3,833 |
Source: Ownwell