Sunfish Lake, Minnesota Property Taxes
The median property tax rate in Sunfish Lake, MN is 0.86%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sunfish Lake at $1,310,800, the typical annual property tax bill reaches $11,190, significantly surpassing the national median of $2,690. Property taxes in Sunfish Lake are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sunfish Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sunfish 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
Sunfish Lake, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s SUNFISH LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SUNFISH LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SUNFISH 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 Dakota County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sunfish Lake, Minnesota
Property taxes in Sunfish 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 Sunfish Lake is 0.86%, which is below the U.S. national median of 0.99%. Local government entities within Sunfish Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sunfish 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 Sunfish Lake's effective property tax rate to other areas in Dakota County and the national median. For comparison, the zip code 55077 has the highest median property tax rate of 0.88%, while the zip code 55118 has the lowest median tax rate of 0.85%. Understanding how these areas compare with Sunfish Lake provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sunfish Lake Tax Rate
0.86%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sunfish Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55077 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
| 55118 | 0.80% | 0.83% | 0.85% | 0.93% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Sunfish Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sunfish Lake, Minnesota. 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 Dakota 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 Sunfish 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 Sunfish Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill is $11,598 in the 55118 zip code, while the lowest median tax bill is $1,703 in the 55077 zip code.
Property Tax Assessment Values Across Sunfish Lake, Minnesota
Source: Ownwell
$1,400
$680,200
$1,359,000
Average Sunfish Lake Assessed Value
$1,310,800
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sunfish Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55077 | $63,610 | $112,375 | $193,650 | $274,925 | $323,690 |
| 55118 | $342,080 | $624,000 | $1,359,000 | $1,639,050 | $2,162,980 |
Source: Ownwell
Property Tax Bills Across Sunfish Lake, Minnesota
Property tax bills in Sunfish Lake, Dakota County, MN, are determined based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Homeowners in Sunfish Lake face a median property tax bill that is notably higher than the national median property tax rate of 0.99%, reflecting the area's higher property values. For instance, the median home price in Sunfish Lake is $1,310,800, leading to substantial tax bills. The tax bill at the 25th percentile is $5,058, while at the 75th percentile, it rises to $14,072. At the 90th percentile, homeowners can expect to pay around $18,126. These figures illustrate the significant impact of property taxes on homeowners in this affluent community. The highest median tax bill in the region is $11,598 in the 55118 zip code, while the lowest is $1,703 in the 55077 zip code, showing a stark contrast within Dakota County.
Average Sunfish Lake Tax Bill
$11,190
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sunfish Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55077 | $560 | $988 | $1,703 | $2,418 | $2,846 |
| 55118 | $1,948 | $5,389 | $11,598 | $15,160 | $18,258 |
Source: Ownwell