Wells, Minnesota Property Taxes
The median property tax rate in Wells, MN is 0.46%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wells at $808,000, the typical annual property tax bill reaches $3,134, surpassing the national median of $2,690. Property taxes in Wells 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 Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wells 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
Wells, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$3,717
Ownwell’s Wells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells 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 Wells, Minnesota
Property taxes in Wells, MN, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wells is 0.46%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wells 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 Wells' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56097 zip code has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Wells 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 Wells Tax Rate
0.46%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wells, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | 0.36% | 0.40% | 0.46% | 0.87% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Wells, Minnesota
In Wells, 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 Wells, 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 Wells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wells is $808,000, with tax bills ranging from $2,375 at the 25th percentile to $5,228 at the 90th percentile. The highest and lowest median tax bills are both $3,134 in zip code 56097.
Average Wells Assessed Value
$808,000
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 Wells, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $131,370 | $280,450 | $808,000 | $1,083,375 | $1,254,640 |
Source: Ownwell
Property Tax Bills Across Wells, Minnesota
In Wells, located in Waseca County, MN, property tax bills are determined by several key factors, including the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the total tax bill. For homeowners in Wells, the median home price is $808,000. Property tax bills vary significantly, with the 25th percentile at $2,375 and the 75th percentile at $4,764, indicating a range based on property values and other factors. The 90th percentile tax bill can reach up to $5,228. When compared to the national median property tax rate of 0.99%, Wells' tax bills reflect the local economic conditions and property values. This variation in tax bills can significantly impact homeowners, influencing their financial planning and the overall affordability of owning a home in the area. The highest and lowest median tax bills in Wells are both $3,134, highlighting a level of consistency within the local tax structure.
Average Wells Tax Bill
$3,134
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wells, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $1,107 | $2,375 | $3,134 | $4,764 | $5,228 |
Source: Ownwell