Wabasha, Minnesota Property Taxes
The median property tax rate in Wabasha, MN is 1.08%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $224,000 in Wabasha, the typical annual property tax bill is $2,222, which is lower than the national median of $2,690. Property taxes in Wabasha are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wabasha'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 Wabasha 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
Wabasha, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,419
Ownwell’s Wabasha Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wabasha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wabasha 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 Wabasha, Minnesota
Property taxes in Wabasha, Minnesota are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wabasha is 1.08%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wabasha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wabasha 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 Wabasha's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55981 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Wabasha 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 Wabasha Tax Rate
1.08%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wabasha, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55981 | 0.63% | 0.69% | 1.08% | 1.27% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Wabasha, Minnesota
In Wabasha, 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 county assessor 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 Wabasha, 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 Wabasha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wabasha is $224,000, with tax bills ranging from $1,462 at the 25th percentile to $4,579 at the 90th percentile. The zip code 55981 has the highest and lowest median tax bill of $2,222.
Average Wabasha Assessed Value
$224,000
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 Wabasha, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55981 | $27,520 | $137,000 | $224,000 | $328,500 | $478,540 |
Source: Ownwell
Property Tax Bills Across Wabasha, Minnesota
In Wabasha, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the property’s value is assessed, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For instance, the median home price in Wabasha is $224,000. Homeowners in the 25th percentile of tax bills pay around $1,462 annually, while those in the 75th percentile pay approximately $3,163. The top 10% of taxpayers can see bills as high as $4,579. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Wabasha's tax rates can vary, potentially leading to higher or lower tax obligations depending on individual property assessments.
Average Wabasha Tax Bill
$2,222
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wabasha, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55981 | $536 | $1,462 | $2,222 | $3,163 | $4,579 |
Source: Ownwell