Heron Lake, Minnesota Property Taxes
The median property tax rate in Heron Lake, MN is 0.60%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Heron Lake at $237,300, the typical annual property tax bill reaches $1,858, well below the national median of $2,690. Property taxes in Heron 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 Heron 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 Heron 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
Heron Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,424
Ownwell’s Heron Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Heron Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Heron 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 Heron Lake, Minnesota
Property taxes in Heron 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 Heron Lake is 0.60%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Heron Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Heron 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 Heron Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56137 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Heron Lake provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Heron Lake Tax Rate
0.60%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Heron Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56137 | 0.21% | 0.34% | 0.60% | 0.70% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Heron Lake, Minnesota
In Heron 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 Cottonwood 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 Heron 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 Heron Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56137 at $1858, which is also the lowest median tax bill in the area.
Average Heron Lake Assessed Value
$237,300
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Heron Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56137 | $116,400 | $171,050 | $237,300 | $868,550 | $2,013,300 |
Source: Ownwell
Property Tax Bills Across Heron Lake, Minnesota
In Heron Lake, located in Cottonwood County, MN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in the local tax rate. For instance, the median home price in Heron Lake is $237,300. Homeowners in the 25th percentile pay around $1,048 annually, while those in the 75th percentile face a tax bill of approximately $3,246. The 90th percentile tax bill can reach up to $5,514. These tax bills impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Heron Lake's tax rates can vary significantly based on property values and local tax policies.
Average Heron Lake Tax Bill
$1,858
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Heron Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56137 | $720 | $1,048 | $1,858 | $3,246 | $5,514 |
Source: Ownwell