Lansing, Minnesota Property Taxes
The median property tax rate in Lansing, MN is 1.00%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Lansing, the typical annual property tax bill is $1,274, which is below the national median of $2,690. Property taxes in Lansing are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lansing'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 Lansing 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
Lansing, 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 Lansing Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lansing. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lansing to project your property tax bill. This valuable resource helps you gain a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Lansing, Minnesota
Property taxes in Lansing, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lansing is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Lansing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lansing 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 Lansing's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55950 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Lansing provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lansing Tax Rate
1.00%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lansing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55950 | 0.74% | 0.84% | 1.00% | 1.06% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Lansing, Minnesota
In Lansing, 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 Mower 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 Lansing, 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 Lansing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55950, where the median tax bill is $1274.
Average Lansing Assessed Value
$131,300
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lansing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55950 | $19,020 | $60,500 | $131,300 | $179,825 | $245,200 |
Source: Ownwell
Property Tax Bills Across Lansing, Minnesota
In Lansing, Mower 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 the county assessor and is meant to reflect the property's market value. Homeowners in Lansing face a median property tax rate that aligns closely with the national median of 0.99%. Several factors influence the final tax bill, including the home's assessed value and any applicable exemptions. For instance, the median home price in Lansing is $131,300. At the 25th percentile, homeowners might expect a tax bill around $658, while those in the 75th percentile could see bills near $1,798. At the 90th percentile, tax bills can climb to approximately $2,586. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances effectively.
Average Lansing Tax Bill
$1,274
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lansing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55950 | $199 | $658 | $1,274 | $1,798 | $2,586 |
Source: Ownwell