Wells, Freeborn County, Minnesota Property Taxes
Median Wells, MN effective property tax rate: 0.82%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Wells, MN home value: $257,450
Median annual Wells, MN tax bill: $2,199, $201 lower than the national median property tax bill of $2,400.
How are property taxes in Freeborn calculated?
Property taxes in Wells, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Wells’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wells, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Wells, Freeborn County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.76%
Estimate Property Tax Bill
$2,349
$2,180
Property Tax Rates Across Wells, Freeborn County, Minnesota
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Wells Tax Rate
0.76%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Freeborn County Tax Rate
1.05%
Median Effective Minnesota Tax Rate
1.13%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Wells, Freeborn County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | 0.39% | 0.49% | 0.76% | 0.90% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Wells, Freeborn County, Minnesota
When examining property taxes in Wells, Minnesota, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Freeborn County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Freeborn County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Wells. For example, the median home price in Wells is $257,450, with tax bills ranging significantly across the county. Zip code 56097 has the highest median home price at $257,450.
Property Tax Assessment Values Across Wells, Freeborn County, Minnesota
Source: Ownwell
$59,750
$224,025
$388,300
Median Wells Market Value
$309,100
Median Freeborn County Market Value
$168,300
Median Minnesota Market Value
$304,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Wells, Freeborn County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $140,200 | $194,000 | $309,100 | $552,650 | $1,192,360 |
Source: Ownwell
Property Tax Bills Across Wells, Freeborn County, Minnesota
In Wells, located in Freeborn County, MN, property tax bills are determined by the assessed value of a home, which is influenced by the local real estate market. Homeowners in this region face a median property tax bill of $2,199, slightly below the national median of $2,400. The tax rate applied to a home's assessed value is a crucial factor in calculating the total bill. For many residents, tax bills can range significantly, with the 25th percentile at $1,732 and the 75th percentile at $3,519, reflecting the diversity in property values and tax assessments within the area. This variability in property tax bills can significantly impact homeowners' annual expenses.
Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal services. By analyzing each property's assessed value and comparing it to market trends, Ownwell identifies opportunities for tax reductions. This service can lead to substantial savings, ensuring homeowners in Wells pay only their fair share.
Median Wells Tax Bill
$2,208
Median Freeborn County Tax Bill
$1,774
Median Minnesota Tax Bill
$3,364
Median United States Tax Bill
$2,400
Property Tax Bills Across Wells, Freeborn County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $949 | $1,578 | $2,208 | $3,582 | $4,849 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 30 |
Links | |
|---|---|
| Freeborn Tax Assessor | |
| Website | beacon.schneidercorp.com |