Wannaska, Minnesota Property Taxes
The median property tax rate in Wannaska, 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 $158,550 in Wannaska, the typical annual property tax bill amounts to $1,124, significantly less than the national median of $2,690. Property taxes in Wannaska are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Wannaska's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wannaska or another part of Roseau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wannaska, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,205
Ownwell’s Wannaska Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wannaska with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wannaska 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 Wannaska, Minnesota
Property taxes in Wannaska, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wannaska is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Wannaska set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wannaska 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 Wannaska's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56761 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Wannaska provides valuable insights into the varying tax landscape across Roseau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wannaska Tax Rate
0.76%
Average Roseau County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | 0.37% | 0.57% | 0.76% | 0.88% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Wannaska, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wannaska, 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 Roseau 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 Wannaska, 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. The median home price in Wannaska is $158,550, with tax bills ranging from $593 at the 25th percentile to $2,419 at the 90th percentile. The highest median tax bill is $1,124 in the 56761 zip code, which also has the lowest median 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wannaska Assessed Value
$158,550
Average Roseau County Assessed Value
$181,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | $40,670 | $89,450 | $158,550 | $237,100 | $366,280 |
Source: Ownwell
Property Tax Bills Across Wannaska, Minnesota
Property tax bills in Wannaska, located in Roseau County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Once the property's value is assessed, the tax rate is applied to calculate the tax bill. In Wannaska, the median home price is $158,550, and the tax bills vary significantly, with the 25th percentile tax bill at $593 and the 75th percentile tax bill reaching $1,672. For those at the higher end, the 90th percentile tax bill can be as much as $2,419. This system ensures that homeowners contribute to local services proportional to their property's value. Compared to the national median property tax rate of 0.99%, Wannaska's property tax rates and bills reflect the local economic conditions and funding needs. Homeowners in this area need to be mindful of these factors, as they directly impact annual financial planning and the overall cost of homeownership.
Average Wannaska Tax Bill
$1,124
Average Roseau County Tax Bill
$1,664
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | $261 | $593 | $1,124 | $1,672 | $2,419 |
Source: Ownwell