Wright County
Property Tax Guide

Assessment administration: Revaluation cycle: Every 5 years. Director is Appointed. Assessors in each of the state's 87 counties determine the value of all property subject to taxation. In addition, assessors in first class cities have the powers and authorities of a county assessor.

Classification and ratios: Class 1c Ma & Pa Resort 1.25%; Class 3a Commercial/Industrial 1.50%; Class 3a All Public Utility Machinery except Electric Generation 2.00%; Class 4c (1) Seasonal Residential Recreational Commercial 1.00%

Tax limits: This was allowed to expire in 2015. A levy limit was last imposed in 2014, but can still be imposed by the legislature. Levy limits apply for counties with a population of 5,000 or more or cities with a population of 2,500 or more if imposed by the state legislature. If in place, the commissioner of revenue calculates the levy limit for each city, taking into account state aid. If state aid increases, the increased amount replaces the use of an equivalent amount of local property tax revenue. Similarly, if state aid decreases, the levy limit increases.

Agricultural treatment: Qualified farm properties are valued using an agricultural value instead of the estimated market value method. Taxes are calculated on both estimated market value and agricultural value when properties are enrolled in the program. The difference between the two calculated tax amounts is deferred until the property is sold or no longer qualifies for the program. To calculate net taxing capacity, the value of the property is multiplied by the class rate for the assigned property class or subclass.

Personal property treatment: Personal property taxed: No, but see explanation. Inventory taxed: No. Machinery and equipment taxed: No, but see footnote

Transfer charges: The state mortgage registry tax rate is $0.23 per $100 of the debt or portion of a debt that is secured by any recorded mortgage of real property; this includes reverse mortgages.. Hennepin County and Ramsey County are authorized at local option upon county resolution to impose an additional $0.01 tax, for a total tax rate of $0.24 per $100, expiring 1 January 2028. A $5 per transaction fee on the registration of any mortgage that is subject to the state mortgage registry tax must be collected in counties defined by state statute as metropolitan counties, in counties that have allowed exclusive agricultural zones to be created, or in counties that are agricultural land preservation pilot ...

Legal definition: For the purposes of taxation, real property includes: (1) The land itself, rails, ties, and other track materials annexed to the land; all buildings, structures, and improvements or other fixtures on it; bridges of bridge companies and all rights and privileges belonging or appertaining to the land; all mines, iron ore and taconite minerals not otherwise exempt; and quarries, fossils, and trees on or under it; (2) A building or structure shall include the building or structure itself, togethe...