Business Information
What is is the cost of doing business in Winsted? Information is provided below to answer questions related to taxes, utilities, and air service in the area.
PROPERTY TAXES
The State of Minnesota has one of the most complicated property tax systems in the United States. To estimate local property taxes it is necessary to consider the “property tax classification” and assessor’s “market value” of a property. Multiplying these together will compute the “tax capacity.” Then, multiply the tax capacity of the property by the local tax rate, add in the statewide general tax.
The tables below provide the information needed to estimate property taxes in the City of Winsted.
Property Tax Classification Rates (Payable in 2019)
| Property Type | Classification Rate |
| RESIDENTIAL HOMESTEAD | |
| First $500,000 of market value | 1.00% |
| Value over $500,000 | 1.25% |
| RESIDENTIAL NON-HOMESTEAD | |
| First $500,000 of market value | 1.00% |
| Value over $500,000 | 1.25% |
| COMMERCIAL & INDUSTRIAL | |
| First $500,000 of market value | 1.50% |
| Value over $500,000 | 2.00% |
| FARM HOMESTEADS | |
| House, Garage, one acre | |
| First $500,000 of market value | 1.00% |
| Value over $500,000 | 1.25% |
| Remainder of Farm | |
| First $600,000 of market value | 0.55% |
| Value over $600,000 | 1.00% |
| FARM NON-HOMESTEADS | |
| House, Garage, one acre | |
| First $500,000 of market value | 1.00% |
| Value over $500,000 | 1.25% |
| Land | 1.00% |
| RESIDENTIAL RENTAL (Apartments) | |
| 2-3 units | 1.25% |
| 4 or more units | 1.25% |
Local Tax Rates (Payable in 2019)
| Taxing District | Tax Rate |
| Statewide General Tax | 42.416% |
| McLeod County | 59.809% |
| City of Winsted | |
| School District - ISD #2687 | |
| Region 6E | 0.206% |
| TOTAL |
Estimating Property Taxes in Winsted
Estimating property taxes is a two-step process:
Step 1: Determine the tax capacity of the property.
Multiply the assessor’s “market value” of the property by the appropriate “property tax classification rate.” This provides the “tax capacity” of the property.
Step 2: Determine the amount of local property tax.
Multiply the tax capacity by the local “property tax rate.” This provides the property tax amount.
Example: A business in Winsted has an estimated market value of $500,000.
Step 1: Determine the tax capacity of the property.
(The first $150,000 of value multiplied by the classification rate of 1.5%, plus the value remaining over $150,000 [in this case $350,000], multiplied by the classification rate of 2%, equals tax capacity).
($150,000 x .015) + ($350,000 x .02) = $9,250
Step 2: Determine the amount of local property tax.
(Multiply the tax capacity of $9,250 by the combined property tax rate of 2.02215 [this is 202.215% divided by 100 to get a decimal], which equals the property tax amount).
$9,250 x 2.02215 = $18,704.89
The estimated property tax on a $500,000 business would be $18,704.89 for the year.
Click here for information related to UTILITIES & SERVICES in the City of Winsted.
AIR SERVICE INFORMATION
| Airport Type ⇒ | Local | Regional | International |
| Name | Winsted Municipal Airport | St. Cloud Regional | MPLS/St. Paul International |
| Phone | (320) 485-3989 | (320) 255-7292 | (612) 726-5555 |
| Location | Winsted | St. Cloud | Minneapolis |
| Distance | 2 miles | 46 miles | 46 miles |
| Primary Runway | 7,000′ x 150′ | 10,000′ x 200′ | |
| Cross-Wind Runway | None | 3,000′ x 75′ | 11,006′ x 150′ |
| Surface Type | Turf | Paved | Paved |
| Lighted Runway(s) | Yes | Yes | Yes |
| Customs | No | No | Yes |
| Navigational Aids | ILS, GPS, NDB, VOR-DME, VOR | ILS, GPS, NDB, RNAV | |
| Fuel | 100LL | 100LL, Jet A | 100LL, Jet A |
| Weather Info System | MNWAS | AEOSA/MNWAS | AEOSA/MNWAS, SATVIDEOWEATHER |