Lake City, Minnesota Property Taxes
The median property tax rate in Lake City, MN is 0.97%, slightly lower than the national median of 0.99% but still higher than the Minnesota state median of 1.11%. With the median home value in Lake City at $303,500, the typical annual property tax bill reaches $3,428, surpassing the national median of $2,690. Property taxes in Lake City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake City'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 Lake City 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
Lake City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$2,944
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City 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 Lake City, Minnesota
Property taxes in Lake City, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 Lake City's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55041 has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these figures compare with Lake City provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
0.97%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55041 | 0.81% | 0.90% | 0.97% | 1.28% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake City, 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 Goodhue County Assessor's Office 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 Lake City, 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 Lake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lake City, the median home price is $303,500. The tax bills vary, with the 25th percentile at $2,742 and the 75th percentile at $4,318. The highest median tax bill is $3,428 in zip code 55041, which is also the lowest.
Average Lake City Assessed Value
$303,500
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55041 | $15,820 | $209,525 | $303,500 | $411,675 | $538,590 |
Source: Ownwell
Property Tax Bills Across Lake City, Minnesota
In Lake City, located in Goodhue County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area stands at $303,500. To calculate the property tax bill, the assessed value is multiplied by the local tax rate. Various factors influence this calculation, including the home's market value, location, and any applicable exemptions. Homeowners in Lake City can expect a range of property tax bills. At the 25th percentile, the tax bill is around $2,742, while at the 75th percentile, it rises to approximately $4,318. For those at the 90th percentile, the tax bill can reach up to $5,548. These figures highlight the variability in property tax burdens, which can significantly impact homeowners' financial planning. Comparatively, the highest and lowest median tax bills in the area are both $3,428, which is above the national median property tax rate of 0.99%. This underscores the importance of understanding how local property taxes are calculated and their potential impact on household budgets.
Average Lake City Tax Bill
$3,428
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55041 | $1,718 | $2,742 | $3,428 | $4,318 | $5,548 |
Source: Ownwell