Wheaton, Minnesota Property Taxes
The median property tax rate in Wheaton, MN is 1.73%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wheaton at $57,100, the typical annual property tax bill reaches $848, which is below the national median of $2,690. Property taxes in Wheaton 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 Wheaton'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 Wheaton 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
Wheaton, 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 Wheaton Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Wheaton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheaton 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 Wheaton, Minnesota
Property taxes in Wheaton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheaton is 1.73%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wheaton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheaton 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 Wheaton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56296 zip code has the highest median property tax rate of 1.73%, while the 56296 zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Wheaton provides valuable insights into the varying tax landscape across Traverse County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheaton Tax Rate
1.73%
Average Traverse County Tax Rate
1.63%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56296 | 0.87% | 1.42% | 1.73% | 2.22% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Wheaton, Minnesota
In Wheaton, 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 Traverse 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 Wheaton, 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. The median home price in Wheaton is $57,100, with a median tax bill of $848 in the 56296 zip code, which is both the highest and lowest in the area. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wheaton Assessed Value
$57,100
Average Traverse County Assessed Value
$55,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56296 | $7,600 | $24,025 | $57,100 | $115,150 | $181,400 |
Source: Ownwell
Property Tax Bills Across Wheaton, Minnesota
In Wheaton, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local government. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors influencing the assessed value include the home's market value, location, and any improvements or modifications made to the property. Homeowners in Wheaton may see a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $396, while the 75th percentile reaches $1760, and the 90th percentile climbs to $3120. The median home price in Wheaton stands at $57,100, which is relatively low compared to national figures. This results in a median tax bill of $848, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Wheaton residents.
Average Wheaton Tax Bill
$848
Average Traverse County Tax Bill
$718
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56296 | $132 | $396 | $848 | $1,760 | $3,120 |
Source: Ownwell