Wahkon, Mille Lacs County, Minnesota Property Taxes
Median Wahkon, MN effective property tax rate: 0.96%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Wahkon, MN home value: $206,300
Median annual Wahkon, MN tax bill: $1,963, $437 lower than the national median property tax bill of $2,400.
How are property taxes in Mille Lacs calculated?
Property taxes in Wahkon, 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 Wahkon’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wahkon, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Wahkon, Mille Lacs County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.96%
Estimate Property Tax Bill
$1,980
$1,838
Property Tax Rates Across Wahkon, Mille Lacs County, Minnesota
Local government entities determine tax rates, leading to significant variations within a state. This occurs because each year, counties calculate the budget necessary to fund services and divide it by the total assessed value of all taxable properties in their area. This calculation establishes the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the basic annual procedure.
In Wahkon, located in Mille Lacs County, Minnesota, the effective property tax rate reflects the county's budgetary needs and property values. Comparing Wahkon’s rate to other cities in Minnesota and the national median offers insight into how local taxation aligns with broader trends. The median property tax rate in Minnesota is slightly below the national median, providing a competitive edge for property owners in Wahkon. This rate can be contrasted with the national median tax rate of 1.02%, highlighting Wahkon’s relative affordability. Understanding these dynamics can aid property owners in making informed decisions about appealing property taxes and seeking exemptions.
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 Wahkon Tax Rate
0.96%
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 Mille Lacs County Tax Rate
1.02%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Wahkon, Mille Lacs County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56386 | 0.75% | 0.89% | 0.96% | 1.16% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Wahkon, Mille Lacs County, Minnesota
When examining property taxes in Wahkon, MN, 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 Mille Lacs 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 Mille Lacs 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 Wahkon. For example, the median home price in Wahkon is $206,300, with tax bills ranging significantly across the county. Zip code 56386 has the highest median home price at $206,300.
Property Tax Assessment Values Across Wahkon, Mille Lacs County, Minnesota
Source: Ownwell
$77,800
$194,175
$310,550
Median Wahkon Market Value
$206,300
Median Mille Lacs County Market Value
$240,400
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Wahkon, Mille Lacs County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56386 | $43,220 | $94,500 | $206,300 | $335,800 | $458,860 |
Source: Ownwell
Property Tax Bills Across Wahkon, Mille Lacs County, Minnesota
Median Wahkon Tax Bill
$1,963
Median Mille Lacs County Tax Bill
$2,562
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Wahkon, Mille Lacs County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56386 | $355 | $726 | $1,963 | $3,337 | $5,060 |
Source: Ownwell