Lynd, Minnesota Property Taxes
The median property tax rate in Lynd, MN is 1.02%, just above the national median of 0.99% but slightly below the Minnesota state median of 1.11%. With a median home value of $147,000 in Lynd, the typical annual property tax bill amounts to $1,312, which is lower than the national median of $2,690. Property taxes in Lynd are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a clear understanding of Lynd'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 Lynd 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
Lynd, 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 Lynd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynd 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 Lynd, Minnesota
Property taxes in Lynd, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynd is 1.02%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lynd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynd 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 Lynd's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56157 has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Lynd provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynd Tax Rate
1.02%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56157 | 0.57% | 0.73% | 1.02% | 1.20% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Lynd, Minnesota
In Lynd, 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 Lyon 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 Lynd, 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 Lynd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,312, found in the 56157 zip code, while the lowest median tax bill is also $1,312 in the same zip code.
Average Lynd Assessed Value
$147,000
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56157 | $6,280 | $56,800 | $147,000 | $340,500 | $507,280 |
Source: Ownwell
Property Tax Bills Across Lynd, Minnesota
In Lynd, located within Lyon County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the market value of properties. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For instance, with a median home price of $147,000, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $536, indicating that some homeowners pay relatively low taxes, while at the 75th percentile, the tax bill jumps to $3,174, showing a significant increase for higher-valued properties. The 90th percentile tax bill reaches up to $5,504. This variation in tax bills can significantly impact homeowners, with those owning higher-valued properties facing steeper taxes. Compared to the national median property tax rate of 0.99%, Lynd's tax rates reflect the local economic conditions and property values, influencing how much homeowners pay annually.
Average Lynd Tax Bill
$1,312
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56157 | $92 | $536 | $1,312 | $3,174 | $5,504 |
Source: Ownwell