Watkins, Minnesota Property Taxes
The median property tax rate in Watkins, MN is 0.70%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Watkins at $441,300, the typical annual property tax bill reaches $2,999, which is above the national median of $2,690. Property taxes in Watkins 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 Watkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Watkins or another part of Stearns County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watkins, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$3,089
Ownwell’s Watkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watkins 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 Watkins, Minnesota
Property taxes in Watkins, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watkins is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Watkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watkins 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 Watkins' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55389 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Watkins 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 Watkins Tax Rate
0.70%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55389 | 0.37% | 0.45% | 0.70% | 0.92% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Watkins, Minnesota
In Watkins, 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 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 Watkins, 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 Watkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $2,999, are found in the zip code 55389.
Average Watkins Assessed Value
$441,300
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 Watkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55389 | $187,260 | $289,750 | $441,300 | $702,350 | $1,047,780 |
Source: Ownwell
Property Tax Bills Across Watkins, Minnesota
In Watkins, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. For instance, with a median home price of $441,300, the assessed value is used to calculate the tax bill, which varies depending on local tax rates and levies. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. In Stearns County, where Watkins is located, tax bills can range significantly. Homeowners at the 25th percentile pay around $2,106 annually, while those at the 75th percentile see bills closer to $4,130. The top 10% of homeowners may face tax bills as high as $5,188. These property taxes fund essential community services such as public schools, emergency services, and infrastructure maintenance. Understanding these factors helps homeowners in Watkins anticipate their tax obligations and manage their finances accordingly.
Average Watkins Tax Bill
$2,999
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Watkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55389 | $1,329 | $2,106 | $2,999 | $4,130 | $5,188 |
Source: Ownwell