Cross Lake, Minnesota Property Taxes
The median property tax rate in Cross Lake, MN is 0.56%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cross Lake, the typical annual property tax bill reaches $432, significantly below the national median of $2,690. Property taxes in Cross 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 Cross 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 Cross 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
Cross Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$409
Ownwell’s CROSS LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CROSS LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CROSS 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 Cross Lake, Minnesota
Property taxes in Cross 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 Cross Lake is 0.56%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cross Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cross 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 Cross Lake's effective property tax rate to other areas in Crow Wing County and the national median. For comparison, the zip code 56442 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these areas compare with Cross Lake provides valuable insights into the varying tax landscape across Crow Wing County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cross Lake Tax Rate
0.56%
Average Crow Wing County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cross Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56442 | 0.43% | 0.50% | 0.56% | 0.58% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Cross Lake, Minnesota
In Cross 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 Crow Wing 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 Cross 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 Cross 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 in Cross Lake is 56442, with a median tax bill of $432, which is significantly below the national median property tax rate of 0.99%.
Average Cross Lake Assessed Value
$73,100
Average Crow Wing County Assessed Value
$265,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cross Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56442 | $11,420 | $46,400 | $73,100 | $305,200 | $557,880 |
Source: Ownwell
Property Tax Bills Across Cross Lake, Minnesota
Property tax bills in Cross Lake, located in Crow Wing County, MN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This value is then multiplied by the local property tax rate to determine the annual tax bill. In Cross Lake, the median home price is $73,100. Homeowners in the 25th percentile can expect a tax bill of around $240, while those in the 75th percentile might see a bill closer to $1,730. For those in the 90th percentile, the tax bill can reach up to $3,165. Factors such as property improvements, location, and market conditions can influence the assessed value. Compared to the national median property tax rate of 0.99%, Cross Lake’s tax bills reflect the local economic conditions and property values. Homeowners should be aware of these factors as they directly impact their annual financial obligations, potentially affecting home affordability and long-term investment returns.
Average Cross Lake Tax Bill
$432
Average Crow Wing County Tax Bill
$1,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cross Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56442 | $64 | $240 | $432 | $1,730 | $3,165 |
Source: Ownwell