Lincoln County Property Taxes
The median property tax rate in Lincoln County is 0.54%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lincoln County at $232,300, the typical annual property tax bill reaches $1,300, which is well below the national median of $2,690. Property taxes in Lincoln County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lincoln County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Ivanhoe or another part of Lincoln County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lincoln County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$1,254
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lincoln to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lincoln County, Minnesota
Property taxes in Lincoln County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lincoln County is 0.54%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lincoln County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lincoln County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lincoln County's effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Hendricks has one of the higher property tax rates in Minnesota at 0.72%, while the city of Verdi boasts one of the lowest at 0.42%. Analyzing how Lincoln County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arco | 0.19% | 0.30% | 0.45% | 2.07% | 2.95% |
| Canby | 0.17% | 0.19% | 0.30% | 0.47% | 0.76% |
| Elkton | 0.23% | 0.32% | 0.47% | 0.60% | 0.66% |
| Hendricks | 0.18% | 0.33% | 0.72% | 1.48% | 1.80% |
| Ivanhoe | 0.18% | 0.26% | 0.51% | 1.33% | 1.65% |
| Lake Benton | 0.18% | 0.33% | 0.55% | 1.04% | 1.34% |
| Minneota | 0.17% | 0.18% | 0.29% | 0.34% | 0.47% |
| Pipestone | N/A | N/A | N/A | N/A | N/A |
| Porter | 0.19% | 0.21% | 0.30% | 0.41% | 0.70% |
| Ruthton | 0.21% | 0.23% | 0.39% | 0.51% | 0.70% |
| Taunton | 0.19% | 0.23% | 0.33% | 0.45% | 0.54% |
| Tyler | 0.20% | 0.37% | 0.67% | 0.95% | 1.21% |
| Verdi | 0.17% | 0.26% | 0.42% | 0.85% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln County, Minnesota
In Lincoln County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lincoln County Appraisal District. The assessed value, however, 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. Assessment notices in Lincoln County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Lincoln County is $232,300, with property tax bills ranging from $600 at the 25th percentile to $3,605 at the 90th percentile. Ruthton has the highest median tax bill at $2,176, while Verdi has the lowest at $966. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Lincoln County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Lincoln County, Minnesota
Source: Ownwell
$185,200
$622,750
$1,060,300
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arco | $6,480 | $41,250 | $311,300 | $693,950 | $1,127,820 |
| Canby | $114,720 | $246,675 | $441,050 | $895,200 | $1,286,280 |
| Elkton | $173,410 | $230,875 | $374,000 | $739,850 | $1,198,220 |
| Hendricks | $18,700 | $77,975 | $209,350 | $454,125 | $970,130 |
| Ivanhoe | $30,140 | $78,500 | $227,000 | $630,500 | $1,147,740 |
| Lake Benton | $22,000 | $77,400 | $202,500 | $482,500 | $1,055,400 |
| Minneota | $323,780 | $499,450 | $605,000 | $1,176,550 | $1,814,860 |
| Pipestone | N/A | N/A | N/A | N/A | N/A |
| Porter | $169,760 | $318,700 | $599,000 | $1,125,800 | $1,362,220 |
| Ruthton | $149,540 | $381,050 | $1,060,300 | $1,166,000 | $1,738,000 |
| Taunton | $150,360 | $307,300 | $598,000 | $1,225,075 | $1,708,890 |
| Tyler | $32,600 | $92,500 | $185,200 | $435,100 | $955,560 |
| Verdi | $7,870 | $30,175 | $203,050 | $753,325 | $1,506,280 |
Source: Ownwell
Property Tax Bills Across Lincoln County, Minnesota
In Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors, such as property size, location, and market conditions, influence the assessed value. Homeowners in Lincoln County experience a range of property tax bills, with the 25th percentile at $600 and the 75th percentile at $2,308. For those in the 90th percentile, the tax bill can reach as high as $3,605. Comparatively, the median home price in Lincoln County is $232,300, which helps to contextualize these tax bills. The highest median tax bill in the county is found in Ruthton at $2,176, while the lowest median tax bill is in Verdi at $966. Understanding these figures can help homeowners anticipate their potential property tax liabilities and manage their finances accordingly.
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arco | $101 | $646 | $1,402 | $2,347 | $3,178 |
| Canby | $496 | $782 | $1,460 | $2,473 | $3,822 |
| Elkton | $939 | $946 | $1,800 | $2,680 | $2,734 |
| Hendricks | $186 | $604 | $1,440 | $2,434 | $3,955 |
| Ivanhoe | $280 | $636 | $1,261 | $2,178 | $3,420 |
| Lake Benton | $131 | $540 | $1,220 | $2,234 | $3,293 |
| Minneota | $898 | $1,034 | $1,790 | $3,507 | $6,486 |
| Pipestone | N/A | N/A | N/A | N/A | N/A |
| Porter | $666 | $1,104 | $1,914 | $3,296 | $4,454 |
| Ruthton | $979 | $1,722 | $2,176 | $3,438 | $4,826 |
| Taunton | $517 | $1,004 | $1,794 | $3,279 | $4,822 |
| Tyler | $226 | $568 | $1,178 | $2,146 | $3,277 |
| Verdi | $98 | $162 | $966 | $2,156 | $3,739 |
Source: Ownwell