Side Lake, Minnesota Property Taxes
The median property tax rate in Side Lake, MN is 1.03%, 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 Side Lake at $159,550, the typical annual property tax bill amounts to $1,565, which is below the national median of $2,690. Property taxes in Side Lake are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Side 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 Side Lake or another part of St. Louis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Side Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,643
Ownwell’s Side Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Side Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Side 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 Side Lake, Minnesota
Property taxes in Side Lake, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Side Lake is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Side Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Side 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 Side Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55781 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Side 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 Side Lake Tax Rate
1.03%
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 Side Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55781 | 0.85% | 0.97% | 1.03% | 1.06% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Side Lake, Minnesota
In Side 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 Side 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. For example, the median home price in Side Lake is $159,550, with tax bills ranging from $396 at the 25th percentile to $3,659 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Side Lake Assessed Value
$159,550
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 Side Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55781 | $2,210 | $44,450 | $159,550 | $257,300 | $355,830 |
Source: Ownwell
Property Tax Bills Across Side Lake, Minnesota
In Side Lake, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. For homeowners in Side Lake, the median home price is $159,550, with tax bills varying significantly across different percentiles. The 25th percentile tax bill is $396, while the 75th percentile reaches $2,580, and the 90th percentile goes up to $3,659. This variation reflects differences in property values and specific local tax rates. Homeowners in the 55781 zip code experience a median tax bill of $1,565, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial responsibilities and budget accordingly.
Average Side Lake Tax Bill
$1,565
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 Side Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55781 | $24 | $396 | $1,565 | $2,580 | $3,659 |
Source: Ownwell