Crane Lake, Minnesota Property Taxes
The median property tax rate in Crane Lake, MN is 1.21%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Crane Lake, the typical annual property tax bill reaches $2,234, which is notably below the national median of $2,690. Property taxes in Crane Lake 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 Crane Lake'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 Crane Lake 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
Crane Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,138
Ownwell’s Crane Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crane Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crane Lake 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 Crane Lake, Minnesota
Property taxes in Crane Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crane Lake is 1.21%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Crane Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crane Lake 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 Crane Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55725 zip code has the highest median property tax rate of 1.21%, while the 55725 zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Crane Lake provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crane Lake Tax Rate
1.21%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crane Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55725 | 1.09% | 1.15% | 1.21% | 1.24% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Crane Lake, Minnesota
In Crane Lake, 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 St. Louis 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 Crane Lake, 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 Crane Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $2,234 in the 55725 zip code.
Average Crane Lake Assessed Value
$176,700
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crane Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55725 | $29,670 | $85,000 | $176,700 | $290,400 | $482,980 |
Source: Ownwell
Property Tax Bills Across Crane Lake, Minnesota
In Crane Lake, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local assessor's office and is typically a percentage of the market value of the home. Various factors, such as the property's location, size, and condition, are taken into account during the assessment process. The tax rate applied to the assessed value determines the final tax bill. For Crane Lake, homeowners can expect a median property tax bill of around $2,234. This figure can vary significantly, with the 25th percentile tax bill at $1,166 and the 75th percentile reaching up to $3,604. In some cases, the tax bill can be as high as $5,859, placing a considerable financial burden on homeowners. Compared to the national median property tax rate of 0.99%, Crane Lake's tax rates reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Crane Lake Tax Bill
$2,234
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Crane Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55725 | $418 | $1,166 | $2,234 | $3,604 | $5,859 |
Source: Ownwell