Forest Lake, Minnesota Property Taxes
The median property tax rate in Forest Lake, MN is 1.32%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Forest Lake at $396,500, the typical annual property tax bill reaches $5,096, exceeding the national median of $2,690. Property taxes in Forest 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 Forest 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 Forest 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
Forest Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$5,234
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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Lake is 1.32%, significantly higher than both the Minnesota state median and 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 both the highest and lowest median property tax rate of 1.32%. Understanding how these cities compare with Forest Lake provides valuable insights into the varying tax landscape across Chisago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Lake Tax Rate
1.32%
Average Chisago County Tax Rate
1.18%
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 | 1.23% | 1.27% | 1.32% | 1.34% | 1.41% |
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 Chisago 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. For instance, the median home price in Forest Lake is $396,500, with tax bills ranging from $4,078 at the 25th percentile to $7,783 at the 90th percentile. Remarkably, the highest and lowest median tax bills in the area are both $5,096, found in zip code 55025. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Forest Lake Assessed Value
$396,500
Average Chisago County Assessed Value
$305,800
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 | $171,580 | $323,450 | $396,500 | $497,400 | $573,580 |
Source: Ownwell
Property Tax Bills Across Forest Lake, Minnesota
In Forest Lake, located in Chisago County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Forest Lake can expect varying tax bills depending on their property's value. For instance, the median home price in the area is $396,500, and property tax bills range widely. At the 25th percentile, homeowners might pay around $4,078, while those at the 75th percentile could see bills as high as $6,512. The top 10% of property tax bills can reach up to $7,783. These taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand their specific obligations in Forest Lake.
Average Forest Lake Tax Bill
$5,096
Average Chisago County Tax Bill
$3,492
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 | $1,847 | $4,078 | $5,096 | $6,512 | $7,783 |
Source: Ownwell