Minnesota Lake, Minnesota Property Taxes
The median property tax rate in Minnesota Lake, MN is 0.91%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $243,800 in Minnesota Lake, the typical annual property tax bill amounts to $2,092, which is below the national median of $2,690. Property taxes in Minnesota Lake are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Minnesota 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 Minnesota 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
Minnesota Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,219
Ownwell’s MINNESOTA LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MINNESOTA LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MINNESOTA 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 Minnesota Lake, Minnesota
Property taxes in Minnesota Lake, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Minnesota Lake is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Minnesota Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minnesota 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 Minnesota Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56068 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Minnesota 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 Minnesota Lake Tax Rate
0.91%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minnesota Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56068 | 0.45% | 0.54% | 0.91% | 0.98% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Minnesota Lake, Minnesota
In Minnesota Lake, 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 Minnesota 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 Minnesota Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the 56068 zip code, the median tax bill is $2,092, illustrating the potential range of property tax obligations.
Property Tax Assessment Values Across Minnesota Lake, Minnesota
Source: Ownwell
$113,000
$460,500
$808,000
Average Minnesota Lake Assessed Value
$243,800
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 Minnesota Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56068 | $152,960 | $181,450 | $243,800 | $752,950 | $1,361,940 |
Source: Ownwell
Property Tax Bills Across Minnesota Lake, Minnesota
Property tax bills in Minnesota Lake, located in Waseca County, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Minnesota Lake, the median home price is $243,800. Property tax bills can vary significantly, with the 25th percentile at $1,542 and the 75th percentile at $4,853. The 90th percentile can reach as high as $8,768. The highest and lowest median tax bills in the area both stand at $2,092, reflecting the uniformity in certain neighborhoods. These property taxes fund essential local services, including schools, public safety, and infrastructure, impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Minnesota Lake's rates can be considered moderate to high, depending on the specific property and its assessed value. Homeowners should be aware of these factors as they directly influence their annual financial obligations and the value they receive from local services.
Average Minnesota Lake Tax Bill
$2,092
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minnesota Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56068 | $1,170 | $1,542 | $2,092 | $4,853 | $8,768 |
Source: Ownwell