Howard Lake, Minnesota Property Taxes
The median property tax rate in Howard Lake, MN is 0.92%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Howard Lake at $309,700, the typical annual property tax bill reaches $3,037, which is higher than the national median of $2,690. Property taxes in Howard Lake are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Howard 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 Howard 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
Howard Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,849
Ownwell’s Howard Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Howard Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Howard 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 Howard Lake, Minnesota
Property taxes in Howard Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Howard Lake is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Howard Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Howard 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. For comparison, the highest and lowest median property tax rates in Wright County are both 0.92%, found in the zip code 55349. Understanding how these cities compare with Howard Lake provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Howard Lake Tax Rate
0.92%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Howard Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55349 | 0.49% | 0.81% | 0.92% | 1.18% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Howard Lake, Minnesota
In Howard 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 Wright 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 Howard 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 Howard Lake is $309,700, with tax bills ranging from $2,324 at the 25th percentile to $4,802 at the 90th percentile. The zip code with the highest and lowest median tax bill is 55349, with a value of $3,037. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Howard Lake, Minnesota
Source: Ownwell
$71,500
$728,600
$1,385,700
Average Howard Lake Assessed Value
$309,700
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Howard Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55349 | $169,000 | $228,850 | $309,700 | $422,850 | $623,100 |
Source: Ownwell
Property Tax Bills Across Howard Lake, Minnesota
In Howard Lake, Wright County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $309,700, the property tax bill can vary significantly. Homeowners in Howard Lake can expect tax bills ranging from $2,324 at the 25th percentile to $4,802 at the 90th percentile, with the highest median tax bill recorded at $3,037 in the 55349 zip code. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding requirements for public services like schools and infrastructure. Understanding these factors helps homeowners in Howard Lake anticipate their tax obligations and plan their finances accordingly.
Average Howard Lake Tax Bill
$3,037
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Howard Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55349 | $1,713 | $2,324 | $3,037 | $3,931 | $4,802 |
Source: Ownwell