Waite Park, Minnesota Property Taxes
The median property tax rate in Waite Park, MN is 1.41%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Waite Park at $205,800, the typical annual property tax bill reaches $2,788, slightly exceeding the national median of $2,690. Property taxes in Waite Park 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 Waite Park'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 Waite Park 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
Waite Park, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Waite Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waite Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waite Park 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 Waite Park, Minnesota
Property taxes in Waite Park, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waite Park is 1.41%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Waite Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waite Park 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 Waite Park's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56387 ZIP code has the highest median property tax rate of 1.41%, while the same ZIP code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Waite Park provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waite Park Tax Rate
1.41%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waite Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56387 | 1.14% | 1.31% | 1.41% | 1.51% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Waite Park, Minnesota
In Waite Park, 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 Stearns 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 Waite Park, 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 Waite Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Waite Park are both $2,788, found in zip code 56387.
Average Waite Park Assessed Value
$205,800
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waite Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56387 | $115,640 | $150,550 | $205,800 | $259,500 | $309,180 |
Source: Ownwell
Property Tax Bills Across Waite Park, Minnesota
Property tax bills in Waite Park, located in Stearns County, MN, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Waite Park, the median home price is $205,800. Homeowners in this area can expect their property tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $1,964, while those at the 75th percentile reach $3,796. For the top 10% of properties, tax bills can climb as high as $4,594. The local tax rate and assessed property values are critical factors in this calculation. Higher assessed values or increased local tax rates result in higher property tax bills. This system ensures that property taxes are proportional to the value of the property, impacting homeowners by potentially influencing their financial planning and housing affordability. The median property tax rate in Waite Park is higher than the national median of 0.99%, reflecting regional variations in tax policies and property values.
Average Waite Park Tax Bill
$2,788
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waite Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56387 | $1,387 | $1,964 | $2,788 | $3,796 | $4,594 |
Source: Ownwell