Wells, Freeborn County, Minnesota Property Taxes

Name: Property Tax Bills Across Wells, Freeborn County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

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

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.76%

Estimate Property Tax Bill

$2,349

$2,180

Ownwell’s Wells Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, our calculator applies Wells’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Freeborn County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Wells, Freeborn County, Minnesota

Local government entities determine tax rates, leading to significant variations within Minnesota. Each county calculates its budget for essential services and divides it by the total assessed value of all taxable properties in its area, resulting in the property tax rate. While voting and legislation play roles in setting these rates and budgets, this is the core of the annual process. In Wells, located in Freeborn County, the effective property tax rate is 0.82%. This rate is lower than the national median property tax rate of 1.02%, making Wells an attractive option for property owners seeking lower tax burdens. The median property tax bill in Wells is also notably lower than the national median bill of $2,400. For potential homeowners or investors, understanding these tax rates is crucial, as they directly impact the cost of owning property. Comparing Wells to other cities within Minnesota highlights its favorable position in terms of property taxes, offering financial advantages to its residents.

Property Tax Rates Across Wells, Freeborn County, Minnesota

Source: Ownwell

0.70%

1.17%

1.65%

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%

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.

Property Tax Bills Across Wells, Freeborn County, Minnesota

Source: Ownwell

$752

$1,782

$2,812

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