Wanda, Minnesota Property Taxes
The median property tax rate in Wanda, MN is 1.55%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wanda, the typical annual property tax bill reaches $938, which is below the national median of $2,690. Property taxes in Wanda 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 Wanda'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 Wanda 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
Wanda, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$1,071
Ownwell’s Wanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wanda 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 Wanda, Minnesota
Property taxes in Wanda, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wanda is 1.55%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wanda 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 Wanda's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56294 has both the highest and lowest median property tax rate of 1.55%. Understanding how these cities compare with Wanda 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 Wanda Tax Rate
1.55%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wanda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56294 | 1.27% | 1.34% | 1.55% | 2.17% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Wanda, Minnesota
In Wanda, 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 Assessor's Office 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 Wanda, 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 Wanda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56294 has both the highest and lowest median tax bill, standing at $938.
Average Wanda Assessed Value
$69,100
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 Wanda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56294 | $3,200 | $22,300 | $69,100 | $103,100 | $132,560 |
Source: Ownwell
Property Tax Bills Across Wanda, Minnesota
In Wanda, located in Redwood County, MN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and reflects the market value of your property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence this calculation, including the median home price, which in Wanda is $69,100. Homeowners in the 25th percentile can expect a tax bill around $436, while those in the 75th percentile might see bills as high as $1,440. For properties in the 90th percentile, the tax bill can reach up to $2,121. Compared to the national median property tax rate of 0.99%, Wanda's property taxes can be considered relatively moderate. These tax bills significantly impact homeowners by influencing monthly mortgage payments and the overall cost of homeownership. Understanding how these factors interplay helps homeowners better manage their financial planning and anticipate future expenses.
Average Wanda Tax Bill
$938
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wanda, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56294 | $72 | $436 | $938 | $1,440 | $2,121 |
Source: Ownwell