Pequot Lakes, Minnesota Property Taxes
The median property tax rate in Pequot Lakes, MN is 0.51%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $252,000 in Pequot Lakes, the typical annual property tax bill comes to $1,272, well below the national median of $2,690. Property taxes in Pequot Lakes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Pequot Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Pequot Lakes 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
Pequot Lakes, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,285
Ownwell’s Pequot Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pequot Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pequot Lakes 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 Pequot Lakes, Minnesota
Property taxes in Pequot Lakes, Minnesota, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Pequot Lakes is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Pequot Lakes set these rates annually, and they can vary across different neighborhoods. Each year, Pequot Lakes 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 Pequot Lakes' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56472 has both the highest and lowest median property tax rate in the area at 0.51%. Understanding how these cities compare with Pequot Lakes provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pequot Lakes Tax Rate
0.51%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pequot Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56472 | 0.47% | 0.49% | 0.51% | 0.55% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Pequot Lakes, Minnesota
In Pequot Lakes, 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 Cass 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 Pequot Lakes, 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 Pequot Lakes 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 $1,272, found in zip code 56472.
Average Pequot Lakes Assessed Value
$252,000
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pequot Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56472 | $80,500 | $149,800 | $252,000 | $374,300 | $472,720 |
Source: Ownwell
Property Tax Bills Across Pequot Lakes, Minnesota
In Pequot Lakes, located in Cass County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Pequot Lakes is $252,000. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. Homeowners in Pequot Lakes can expect property tax bills that vary significantly, with the 25th percentile tax bill at $760 and the 75th percentile reaching $1,922. For those in the 90th percentile, the tax bill can go up to $2,475. The highest and lowest median tax bill in the area is $1,272, which is notably lower than the national median property tax rate of 0.99%. These figures highlight the variability in property tax bills, influenced by factors such as home value and specific local tax rates. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations.
Average Pequot Lakes Tax Bill
$1,272
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pequot Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56472 | $376 | $760 | $1,272 | $1,922 | $2,475 |
Source: Ownwell