Forest Lake, Minnesota Property Taxes
The median property tax rate in Forest Lake, MN is 1.03%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $419,700 in Forest Lake, the typical annual property tax bill reaches $4,315, significantly exceeding the national median of $2,690. Property taxes in Forest Lake are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Forest Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Forest Lake or another part of Anoka County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$4,323
Ownwell’s Forest Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest 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 Forest Lake, Minnesota
Property taxes in Forest Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Lake is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Forest Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest 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 Forest Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55025 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Forest Lake provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Lake Tax Rate
1.03%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55025 | 0.95% | 0.99% | 1.03% | 1.07% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Forest Lake, Minnesota
In Forest 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 Anoka 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 Forest 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. Being aware of these valuation processes in Forest Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4315, found in the 55025 zip code.
Average Forest Lake Assessed Value
$419,700
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55025 | $293,600 | $356,900 | $419,700 | $513,700 | $625,600 |
Source: Ownwell
Property Tax Bills Across Forest Lake, Minnesota
In Forest Lake, located in Anoka County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value reflects the market value of the home. Homeowners in Forest Lake face a median property tax rate that aligns closely with the national average of 0.99%. For instance, the median home price in this area is $419,700, leading to a range of tax bills. Homeowners at the 25th percentile pay around $3,639, while those at the 75th percentile pay approximately $5,280. At the 90th percentile, the tax bill can reach up to $6,545. The highest median tax bill recorded in Forest Lake is $4,315, which is consistent across all zip codes in the area. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Forest Lake Tax Bill
$4,315
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55025 | $2,525 | $3,639 | $4,315 | $5,280 | $6,545 |
Source: Ownwell