Lakeland Shores, Minnesota Property Taxes
The median property tax rate in Lakeland Shores, MN is 0.88%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lakeland Shores at $1,157,450, the typical annual property tax bill reaches $10,191, surpassing the national median of $2,690. Property taxes in Lakeland Shores are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lakeland Shores' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lakeland Shores 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
Lakeland Shores, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$10,186
Ownwell’s Lakeland Shores Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeland Shores with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeland Shores 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 Lakeland Shores, Minnesota
Property taxes in Lakeland Shores, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeland Shores is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Lakeland Shores set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeland Shores 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 Lakeland Shores' effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 55043 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Lakeland Shores 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 Lakeland Shores Tax Rate
0.88%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeland Shores, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55043 | 0.84% | 0.86% | 0.88% | 0.89% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Lakeland Shores, Minnesota
In Lakeland Shores, 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 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 Lakeland Shores, 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 Lakeland Shores helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55043 has both the highest and lowest median tax bill, amounting to $10,191.
Property Tax Assessment Values Across Lakeland Shores, Minnesota
Source: Ownwell
$12,550
$585,000
$1,157,450
Average Lakeland Shores Assessed Value
$1,157,450
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 Lakeland Shores, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55043 | $758,020 | $876,775 | $1,157,450 | $1,419,125 | $1,571,960 |
Source: Ownwell
Property Tax Bills Across Lakeland Shores, Minnesota
In Lakeland Shores, Washington County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects the market value of the property. The tax rate in this region is applied to the assessed value to calculate the final tax bill. Homeowners in Lakeland Shores experience a range of property tax bills. For instance, the 25th percentile tax bill is around $7,529, while the 75th percentile tax bill reaches approximately $12,674. At the higher end, the 90th percentile tax bill is about $14,124. These figures illustrate the variability in tax bills depending on the property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, homeowners in Lakeland Shores may find their tax bills to be relatively high. This can significantly impact household budgets, making it crucial for homeowners to understand how their property is assessed and the factors that influence their tax obligations.
Average Lakeland Shores Tax Bill
$10,191
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeland Shores, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55043 | $6,402 | $7,529 | $10,191 | $12,674 | $14,124 |
Source: Ownwell