Lancaster, Minnesota Property Taxes
The median property tax rate in Lancaster, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lancaster at $186,900, the typical annual property tax bill is $902, which is well below the national median of $2,690. Property taxes in Lancaster are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lancaster'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 Lancaster 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
Lancaster, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,159
Ownwell’s Lancaster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lancaster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lancaster 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 Lancaster, Minnesota
Property taxes in Lancaster, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lancaster is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Lancaster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lancaster 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 Lancaster's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56735 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Lancaster provides valuable insights into the varying tax landscape across Roseau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lancaster Tax Rate
0.62%
Average Roseau County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lancaster, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56735 | 0.32% | 0.34% | 0.62% | 0.66% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Lancaster, Minnesota
In Lancaster, 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 Roseau County Assessor 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 Lancaster, 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. For example, the tax bill at the 25th percentile is $574, while at the 75th percentile, it reaches $1,846. The highest median tax bill recorded in the area is $902 in the 56735 zip code. By understanding 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 Lancaster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lancaster Assessed Value
$186,900
Average Roseau County Assessed Value
$181,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lancaster, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56735 | $48,020 | $99,400 | $186,900 | $298,000 | $608,380 |
Source: Ownwell
Property Tax Bills Across Lancaster, Minnesota
Property tax bills in Lancaster, Roseau County, MN, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the market value, which is estimated based on recent sales of similar properties in the area. Once the assessed value is established, it's multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $186,900, homeowners can expect a tax bill ranging from $574 at the 25th percentile to $1,846 at the 75th percentile, with the 90th percentile reaching up to $2,211. This variability shows how different factors, such as property improvements and neighborhood changes, can significantly impact tax bills. The national median property tax rate is 0.99%, and Lancaster's rates offer a comparative perspective for homeowners. Understanding these calculations is crucial for homeowners as property taxes represent a significant annual expense, influencing decisions on homeownership and financial planning.
Average Lancaster Tax Bill
$902
Average Roseau County Tax Bill
$1,664
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lancaster, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56735 | $381 | $574 | $902 | $1,846 | $2,211 |
Source: Ownwell