Round Lake, Minnesota Property Taxes
The median property tax rate in Round Lake, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Round Lake at $245,450, the typical annual property tax bill reaches $1,744, which is significantly less than the national median of $2,690. Property taxes in Round 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 Round 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 Round 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
Round Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,694
Ownwell’s ROUND LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ROUND LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ROUND 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 Round Lake, Minnesota
Property taxes in Round Lake, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Lake is 0.69%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Round Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Round 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 Round Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56167 zip code has the highest median property tax rate of 0.69%, while the 56167 zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Round Lake provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Round Lake Tax Rate
0.69%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Round Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56167 | 0.30% | 0.50% | 0.69% | 0.98% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake, Minnesota
In ROUND 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 Jackson 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 ROUND 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 ROUND LAKE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56167 has both the highest and lowest median tax bills at $1744.
Average Round Lake Assessed Value
$245,450
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Round Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56167 | $61,360 | $132,275 | $245,450 | $595,175 | $1,171,090 |
Source: Ownwell
Property Tax Bills Across Round Lake, Minnesota
In Round Lake, property tax bills are calculated based on the assessed value of a home, which is determined by the Jackson County assessor. This assessed value is a percentage of the market value of the property. The local tax rate is then applied to the assessed value to calculate the annual tax bill. For example, with a median home price of $245,450, homeowners in Round Lake can expect their tax bills to vary significantly. The 25th percentile tax bill is around $969, while those in the 75th percentile pay approximately $3,380, and the 90th percentile reaches up to $5,500. These tax bills are influenced by several factors, including the home's market value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax burden in Round Lake can be quite varied, impacting homeowners differently based on their property's assessed value and specific circumstances. This variability in tax bills can significantly affect homeowners' budgets and financial planning.
Average Round Lake Tax Bill
$1,744
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Round Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56167 | $364 | $969 | $1,744 | $3,380 | $5,500 |
Source: Ownwell