Lyle, Minnesota Property Taxes
The median property tax rate in Lyle, MN is 1.21%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lyle at $186,950, the typical annual property tax bill reaches $1,785, which is below the national median of $2,690. Property taxes in Lyle 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 Lyle'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 Lyle 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
Lyle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,262
Ownwell’s Lyle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyle 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 Lyle, Minnesota
Property taxes in Lyle, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyle is 1.21%, notably higher than the U.S. national median of 0.99%. Local government entities within Lyle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyle 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 Lyle's effective property tax rate to other areas in Minnesota and the national median. For comparison, the highest and lowest median property tax rate in Freeborn County is also 1.21%, found in the 55953 zip code. Understanding how these cities compare with Lyle provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyle Tax Rate
1.21%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55953 | 0.75% | 1.02% | 1.21% | 1.27% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Lyle, Minnesota
In Lyle, 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 Freeborn County Assessor 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 Lyle, 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 Lyle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55953 in Lyle has the highest and lowest median tax bill at $1,785.
Average Lyle Assessed Value
$186,950
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55953 | $53,100 | $71,550 | $186,950 | $234,500 | $374,230 |
Source: Ownwell
Property Tax Bills Across Lyle, Minnesota
In Lyle, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, size, and overall condition. For homeowners in Lyle, the median home price is $186,950, with tax bills varying significantly across the spectrum. The 25th percentile of tax bills is $837, while the 75th percentile reaches $3,011, and the 90th percentile can go as high as $3,885. These variations are due to differences in property values and specific local tax rates within Freeborn County. Compared to the national median property tax rate of 0.99%, Lyle's property tax rates reflect the local economic conditions and funding needs for public services. Homeowners in Lyle must budget for these taxes, as they directly impact their annual housing costs and overall financial planning.
Average Lyle Tax Bill
$1,785
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55953 | $598 | $837 | $1,785 | $3,011 | $3,885 |
Source: Ownwell