Lutsen, Minnesota Property Taxes
The median property tax rate in Lutsen, MN is 0.73%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $340,350 in Lutsen, the typical annual property tax bill amounts to $2,515, falling below the national median of $2,690. Property taxes in Lutsen are calculated based on the tax assessed value, which often is less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lutsen'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 Lutsen 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
Lutsen, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$2,485
Ownwell’s Lutsen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lutsen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lutsen 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 Lutsen, Minnesota
Property taxes in Lutsen, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lutsen is 0.73%, lower than the U.S. national median of 0.99%. Local government entities within Lutsen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lutsen 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 Lutsen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55612 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Lutsen provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lutsen Tax Rate
0.73%
Average Cook County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lutsen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55612 | 0.58% | 0.69% | 0.73% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Lutsen, Minnesota
In Lutsen, 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 Cook 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 Lutsen, 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 Lutsen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Cook County, the median home price is $340,350. The property tax bills range from $1,421 at the 25th percentile to $3,776 at the 75th percentile, and $5,881 at the 90th percentile. Notably, the zip code 55612 has both the highest and lowest median tax bill at $2,515.
Average Lutsen Assessed Value
$340,350
Average Cook County Assessed Value
$271,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lutsen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55612 | $94,800 | $201,350 | $340,350 | $526,950 | $749,950 |
Source: Ownwell
Property Tax Bills Across Lutsen, Minnesota
In Lutsen, the property tax bill is determined by assessing the market value of a home and applying the local tax rate set by Cook County. The median home price in Lutsen is $340,350, and homeowners can expect their property tax bills to vary based on the assessed value of their property and the specific tax rate in their area. For instance, the tax bill at the 25th percentile is $1,421, while at the 75th percentile, it rises to $3,776. At the 90th percentile, it can go up to $5,881. These variations depend on factors such as property improvements, market conditions, and local government budgets. Homeowners in Lutsen might find their property tax bills higher than the national median property tax rate of 0.99%, with the highest median tax bill in the area being $2,515. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Lutsen Tax Bill
$2,515
Average Cook County Tax Bill
$1,970
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lutsen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55612 | $686 | $1,421 | $2,515 | $3,776 | $5,881 |
Source: Ownwell