Madison Lake, Minnesota Property Taxes
The median property tax rate in Madison Lake, MN is 0.94%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With a median home value of $297,400, the typical annual property tax bill in Madison Lake is approximately $2,444, which is also below the national median of $2,690. Property taxes in Madison Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Madison 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 Madison 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
Madison Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,796
Ownwell’s Madison Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison 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 Madison Lake, Minnesota
Property taxes in Madison Lake, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison Lake is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Madison Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison 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 Madison Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56063 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Madison Lake provides valuable insights into the varying tax landscape across Waseca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Lake Tax Rate
0.94%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56063 | 0.34% | 0.49% | 0.94% | 0.98% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Madison Lake, Minnesota
In Madison 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 Waseca 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 Madison 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. The median home price in Madison Lake is $297,400, with tax bills ranging from $1,744 at the 25th percentile to $4,684 at the 90th percentile. 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 Madison Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Madison Lake, Minnesota
Source: Ownwell
$113,000
$460,500
$808,000
Average Madison Lake Assessed Value
$297,400
Average Waseca County Assessed Value
$185,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56063 | $187,880 | $199,100 | $297,400 | $469,800 | $917,340 |
Source: Ownwell
Property Tax Bills Across Madison Lake, Minnesota
In Madison Lake, located in Waseca County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Madison Lake is $297,400. Property taxes are determined by multiplying the assessed value by the local tax rate, which can vary based on specific local levies and budget needs. For instance, the tax bill for the 25th percentile is $1,744, while for the 75th percentile, it rises to $3,158, and for the 90th percentile, it reaches $4,684. These tax bills reflect the services and infrastructure funded by property taxes, such as schools, roads, and emergency services. Homeowners in Madison Lake might find their property tax bills higher or lower than the national median property tax rate of 0.99%, depending on their home's assessed value and the specific local tax rates. For instance, the highest and lowest median tax bills in the area are both $2,444, indicating a consistent tax rate across different properties. Understanding these factors helps homeowners anticipate and plan for their annual property tax obligations.
Average Madison Lake Tax Bill
$2,444
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56063 | $1,089 | $1,744 | $2,444 | $3,158 | $4,684 |
Source: Ownwell