Waterville, Minnesota Property Taxes
The median property tax rate in Waterville, MN is 0.97%, slightly below the national median of 0.99% but lower than Minnesota's state median of 1.11%. With the median home value in Waterville at $368,000, the typical annual property tax bill reaches $3,398, surpassing the national median of $2,690. Property taxes in Waterville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waterville'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 Waterville 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
Waterville, 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 Waterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterville 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 Waterville, Minnesota
Property taxes in Waterville, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterville is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Waterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterville 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 Waterville’s effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56096 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Waterville 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 Waterville Tax Rate
0.97%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | 0.43% | 0.90% | 0.97% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Waterville, Minnesota
In Waterville, 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 Assessor's Office 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 Waterville, 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 Waterville 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 are both $3,398, located in the 56096 zip code.
Average Waterville Assessed Value
$368,000
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 Waterville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | $203,850 | $301,775 | $368,000 | $454,425 | $566,000 |
Source: Ownwell
Property Tax Bills Across Waterville, Minnesota
In Waterville, located in Waseca County, MN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Waterville can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,187, which indicates that 25% of homeowners pay this amount or less. On the higher end, the 75th percentile tax bill is $4,244, while the 90th percentile reaches up to $4,996. These figures show a wide range of property tax obligations, influenced by factors such as property size, location, and market conditions. With a median home price of $368,000, the property tax rates in Waterville are notably higher than the national median property tax rate of 0.99%. This means that property taxes can have a substantial impact on homeowners, affecting their overall cost of living and financial planning.
Average Waterville Tax Bill
$3,398
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | $1,345 | $2,187 | $3,398 | $4,244 | $4,996 |
Source: Ownwell