Warsaw, Minnesota Property Taxes
The median property tax rate in Warsaw, MN is 0.56%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Warsaw, the typical annual property tax bill reaches $1,145, well below the national median of $2,690. Property taxes in Warsaw are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Warsaw'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 Warsaw 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
Warsaw, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,172
Ownwell’s Warsaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warsaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warsaw 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 Warsaw, Minnesota
Property taxes in Warsaw, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warsaw is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Warsaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warsaw 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 Warsaw's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55087 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Warsaw provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warsaw Tax Rate
0.56%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warsaw, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55087 | 0.46% | 0.51% | 0.56% | 0.61% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Warsaw, Minnesota
In Warsaw, 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 Rice 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 Warsaw, 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 Warsaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Warsaw are both $1,145, found in zip code 55087.
Average Warsaw Assessed Value
$209,200
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warsaw, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55087 | $104,140 | $185,775 | $209,200 | $248,550 | $305,730 |
Source: Ownwell
Property Tax Bills Across Warsaw, Minnesota
In Warsaw, located in Rice 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 Warsaw is $209,200, and the property tax rate in this region is reflective of the broader county rates. Homeowners in Warsaw can expect their tax bills to vary significantly depending on their property's assessed value and any applicable exemptions. For instance, the tax bill at the 25th percentile is $964, indicating that a quarter of homeowners pay less than this amount, while those at the 75th percentile pay around $1,472. The top 10% of property tax bills reach up to $2,185. These figures highlight the range of property tax burdens within the city. Compared to the national median property tax rate of 0.99%, Warsaw's property tax rates are competitive, making it relatively affordable for homeowners. The highest and lowest median tax bills in the area both stand at $1,145, showing a consistent tax environment within the 55087 zip code. This consistency provides a degree of predictability for homeowners planning their finances.
Average Warsaw Tax Bill
$1,145
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Warsaw, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55087 | $452 | $964 | $1,145 | $1,472 | $2,185 |
Source: Ownwell