Theilman, Minnesota Property Taxes
The median property tax rate in Theilman, MN is 0.60%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Theilman at $294,300, the typical annual property tax bill reaches $1,764, which is significantly below the national median of $2,690. Property taxes in Theilman 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 Theilman'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 Theilman or another part of Wabasha County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Theilman, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,766
Ownwell’s Theilman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Theilman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Theilman 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 Theilman, Minnesota
Property taxes in Theilman, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Theilman is 0.60%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Theilman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Theilman 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 Theilman's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55945 zip code has the highest median property tax rate of 0.60%, while the same 55945 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Theilman provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Theilman Tax Rate
0.60%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Theilman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55945 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Theilman, Minnesota
In Theilman, 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 local appraisal authority 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 Theilman, 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 Theilman is $294,300, with the highest and lowest median tax bills both being $1,764 in the 55945 zip code. 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 Theilman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Theilman Assessed Value
$294,300
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Theilman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55945 | $294,300 | $294,300 | $294,300 | $294,300 | $294,300 |
Source: Ownwell
Property Tax Bills Across Theilman, Minnesota
In Theilman, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is an estimate of the property's market worth, which is then multiplied by the tax rate set by Wabasha County. For homeowners in Theilman, the median home price is $294,300, and the property tax rate is aligned with the county's standards. Factors such as property size, location, and condition influence the assessed value, while local government budgets and school funding needs impact the tax rate. Homeowners in Theilman can expect a median property tax bill of $1,764, which is significantly lower than the national median property tax rate of 0.99%. This relatively modest tax bill can make homeownership more affordable and appealing in the area, providing financial relief compared to other regions with higher property tax rates.
Average Theilman Tax Bill
$1,764
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Theilman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55945 | $1,764 | $1,764 | $1,764 | $1,764 | $1,764 |
Source: Ownwell