Silver Bay, Minnesota Property Taxes
The median property tax rate in Silver Bay, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Silver Bay at $171,200, the typical annual property tax bill reaches $1,063, well below the national median of $2,690. Property taxes in Silver Bay 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 Silver Bay'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 Silver Bay 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
Silver Bay, 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 Silver Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Bay 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 Silver Bay, Minnesota
Property taxes in Silver Bay, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Bay is 0.58%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Silver Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Bay 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 Silver Bay's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55614 zip code has the highest median property tax rate of 0.58%, while the 55614 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Silver Bay provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Bay Tax Rate
0.58%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Bay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55614 | 0.32% | 0.43% | 0.58% | 0.79% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Silver Bay, Minnesota
In Silver Bay, 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 Lake 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 Silver Bay, 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. The zip code 55614 has the highest and lowest median tax bill, both at $1063. Being aware of these valuation processes in Silver Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver Bay Assessed Value
$171,200
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Bay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55614 | $84,460 | $137,500 | $171,200 | $246,600 | $408,620 |
Source: Ownwell
Property Tax Bills Across Silver Bay, Minnesota
In Silver Bay, located in Lake County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Factors influencing this calculation include the property's location, size, and improvements, as well as local government budgets and school district funding needs. Homeowners in Silver Bay can expect varying tax bills. For instance, the tax bill at the 25th percentile is $585, while it rises to $1,758 at the 75th percentile. The highest tax bills, reaching the 90th percentile, can be as much as $2,839. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand how their local rates compare to the national average. This variation in tax bills significantly impacts homeowners' financial planning and budgeting, emphasizing the importance of accurate property assessments.
Average Silver Bay Tax Bill
$1,063
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Bay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55614 | $363 | $585 | $1,063 | $1,758 | $2,839 |
Source: Ownwell