Waldorf, Minnesota Property Taxes
The median property tax rate in Waldorf, MN is 1.55%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Waldorf, the typical annual property tax bill reaches $1,856, exceeding the national median of $2,690. Property taxes in Waldorf 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 Waldorf'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 Waldorf 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
Waldorf, 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 Waldorf Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldorf with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldorf 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 Waldorf, Minnesota
Property taxes in Waldorf, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldorf is 1.55%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Waldorf set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldorf 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 Waldorf's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56091 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Waldorf provides valuable insights into the varying tax landscape across Waseca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waldorf Tax Rate
1.55%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldorf, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56091 | 0.43% | 0.97% | 1.55% | 1.90% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Waldorf, Minnesota
In Waldorf, 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 Waseca 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 Waldorf, 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 Waldorf helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56091, with a tax bill of $1,856.
Average Waldorf Assessed Value
$113,000
Average Waseca County Assessed Value
$185,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waldorf, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56091 | $33,980 | $73,450 | $113,000 | $237,850 | $746,060 |
Source: Ownwell
Property Tax Bills Across Waldorf, Minnesota
In Waldorf, 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. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $113,000, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property improvements, neighborhood developments, and market trends influence the assessed value. Homeowners in Waldorf typically see tax bills ranging from $1,131 at the 25th percentile to $2,598 at the 75th percentile, with the 90th percentile reaching up to $3,939. Compared to the national median property tax rate of 0.99%, Waldorf's rates can be significantly impactful. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly affecting the community's quality of life.
Average Waldorf Tax Bill
$1,856
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldorf, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56091 | $594 | $1,131 | $1,856 | $2,598 | $3,939 |
Source: Ownwell