Sturgeon Lake, Minnesota Property Taxes
The median property tax rate in Sturgeon Lake, MN is 0.56%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sturgeon Lake at $106,100, the typical annual property tax bill reaches $512, significantly less than the national median of $2,690. Property taxes in Sturgeon Lake are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sturgeon Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sturgeon Lake or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sturgeon Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$594
Ownwell’s Sturgeon Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sturgeon Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sturgeon Lake to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sturgeon Lake, Minnesota
Property taxes in Sturgeon Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sturgeon Lake is 0.56%, lower than both the Minnesota state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Sturgeon Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sturgeon Lake estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Sturgeon Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55783 zip code has the highest median property tax rate of 0.56%, while the same 55783 zip code has the lowest median tax rate of 0.56%. Understanding how these areas compare with Sturgeon Lake provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sturgeon Lake Tax Rate
0.56%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sturgeon Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55783 | 0.41% | 0.49% | 0.56% | 0.60% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Sturgeon Lake, Minnesota
In Sturgeon Lake, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Aitkin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Sturgeon Lake, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code 55783 has the highest and lowest median tax bill at $512. Being aware of these valuation processes in Sturgeon Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sturgeon Lake, Minnesota
Source: Ownwell
$102,700
$250,750
$398,800
Average Sturgeon Lake Assessed Value
$106,100
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sturgeon Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55783 | $44,640 | $61,950 | $106,100 | $187,800 | $237,130 |
Source: Ownwell
Property Tax Bills Across Sturgeon Lake, Minnesota
In Sturgeon Lake, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $106,100. Property tax rates in Sturgeon Lake are influenced by various factors, including local government budgets, school funding, and public services. The tax rate in Aitkin County, where Sturgeon Lake is located, is compared to the national median property tax rate of 0.99%. Homeowners in Sturgeon Lake experience a range of property tax bills. For example, the 25th percentile tax bill is $354, while the 75th percentile tax bill is $914. At the higher end, the 90th percentile tax bill reaches $1306. The median tax bill in the 55783 zip code stands at $512, reflecting both the highest and lowest median tax bills in the area. These tax bills impact homeowners by influencing their annual expenses and overall cost of living, making it crucial for them to understand how their property taxes are determined and allocated.
Average Sturgeon Lake Tax Bill
$512
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sturgeon Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55783 | $222 | $354 | $512 | $914 | $1,306 |
Source: Ownwell