Waverly, Minnesota Property Taxes
The median property tax rate in Waverly, MN is 1.07%, slightly higher than the national median of 0.99% but lower than Minnesota's state median of 1.11%. With a median home value of $330,900 in Waverly, the typical annual property tax bill reaches $3,359, surpassing the national median of $2,690. Property taxes in Waverly are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waverly'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 Waverly or another part of Wright County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waverly, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$3,541
Ownwell’s Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Wright County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Waverly, Minnesota
Property taxes in Waverly, Minnesota, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly stands at 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55390 has both the highest and lowest median property tax rates at 1.07%. Understanding how these areas compare with Waverly provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
1.07%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55390 | 0.56% | 0.89% | 1.07% | 1.13% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Minnesota
In Waverly, 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 Wright 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 Waverly, 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Waverly are both $3,359, found in the 55390 zip code.
Average Waverly Assessed Value
$330,900
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55390 | $213,360 | $279,825 | $330,900 | $418,200 | $623,940 |
Source: Ownwell
Property Tax Bills Across Waverly, Minnesota
Property tax bills in Waverly, Wright County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, reflecting the market value of the home. Factors such as property size, location, and market conditions play a significant role in this valuation. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Waverly, the median home price is $330,900, leading to a median property tax bill of $3,359, which is notably higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $2,790, while those in the 75th percentile face bills of approximately $3,922, and the 90th percentile sees bills as high as $5,250. These taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Waverly Tax Bill
$3,359
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55390 | $2,122 | $2,790 | $3,359 | $3,922 | $5,250 |
Source: Ownwell