Forest Lake, Minnesota Property Taxes
The median property tax rate in Forest Lake, MN is 1.00%, slightly above the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $351,700 in Forest Lake, the typical annual property tax bill reaches $3,586, surpassing the national median of $2,690. Property taxes in Forest 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 Forest 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 Forest 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
Forest Lake, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Forest Lake Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Forest Lake using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Forest Lake to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Washington County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Forest Lake, Minnesota
Property taxes in Forest Lake, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Lake is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Forest Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest 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 Forest Lake's effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 55025 has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Forest Lake provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Lake Tax Rate
1.00%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55025 | 0.94% | 0.98% | 1.00% | 1.02% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Forest Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Forest Lake, Minnesota. 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 Washington 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 Forest 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 Forest Lake is $351,700, with tax bills ranging from $2,660 at the 25th percentile to $6,463 at the 90th percentile. The highest and lowest median tax bills are both $3,586 in the 55025 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Forest Lake, Minnesota
Source: Ownwell
$12,550
$585,000
$1,157,450
Average Forest Lake Assessed Value
$351,700
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55025 | $216,900 | $267,000 | $351,700 | $463,800 | $607,880 |
Source: Ownwell
Property Tax Bills Across Forest Lake, Minnesota
In Forest Lake, Washington County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The tax rate is then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $351,700, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Key factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the tax bill at the 25th percentile is approximately $2,660, while at the 75th percentile, it rises to around $4,724. At the 90th percentile, the tax bill can reach up to $6,463. These property taxes significantly impact homeowners, affecting their annual financial obligations and potentially influencing their decisions on property investments and home ownership. Understanding how these taxes are calculated helps homeowners better prepare for their financial responsibilities.
Average Forest Lake Tax Bill
$3,586
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55025 | $2,114 | $2,660 | $3,586 | $4,724 | $6,463 |
Source: Ownwell