Spring Lake, Minnesota Property Taxes
The median property tax rate in Spring Lake, MN is 0.85%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Spring Lake of $164,000, the typical annual property tax bill amounts to $1,370, falling below the national median of $2,690. Property taxes in Spring Lake are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Spring 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 Spring 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
Spring Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,394
Ownwell’s SPRING LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING 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 Spring Lake, Minnesota
Property taxes in Spring Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Lake is 0.85%, slightly below the U.S. national median of 0.99%. Local government entities within Spring Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring 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 Spring Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56680 has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Spring Lake provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Lake Tax Rate
0.85%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56680 | 0.56% | 0.79% | 0.85% | 0.93% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Spring Lake, Minnesota
In Spring 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 Itasca 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 Spring 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 Spring Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Spring Lake are both $1,370, found in the 56680 zip code.
Average Spring Lake Assessed Value
$164,000
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56680 | $14,040 | $72,300 | $164,000 | $313,150 | $480,500 |
Source: Ownwell
Property Tax Bills Across Spring Lake, Minnesota
In Spring Lake, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price here is $164,000, and the property tax rate in Itasca County is reflective of the county's requirements for public services and infrastructure. Homeowners in Spring Lake can expect their tax bills to vary significantly; the 25th percentile tax bill is around $489, while the 75th percentile reaches up to $2,568. For those at the 90th percentile, the tax bill can be as high as $3,749. These variations are influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Spring Lake's tax rates can be seen as relatively moderate or high depending on individual circumstances. High property taxes can impact homeowners by increasing the overall cost of owning a home, making it crucial for residents to understand how their tax bills are determined and to explore any available relief options.
Average Spring Lake Tax Bill
$1,370
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56680 | $133 | $489 | $1,370 | $2,568 | $3,749 |
Source: Ownwell