Maple Lake, Minnesota Property Taxes
The median property tax rate in Maple Lake, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Maple Lake at $336,200, the typical annual property tax bill reaches $3,126, surpassing the national median of $2,690. Property taxes in Maple Lake 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 Maple 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 Maple Lake or another part of Wright County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maple 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 Maple Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maple Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maple 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 Maple Lake, Minnesota
Property taxes in Maple Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maple Lake is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Maple Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maple 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 Maple Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55358 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Maple 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 Maple Lake Tax Rate
0.83%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maple Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55358 | 0.62% | 0.75% | 0.83% | 1.11% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Maple Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Maple 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 Wright County Assessor 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 Maple 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 Maple Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $3,126, found in zip code 55358, which is also the lowest median tax bill.
Average Maple Lake Assessed Value
$336,200
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 Maple Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55358 | $195,600 | $244,600 | $336,200 | $525,400 | $734,100 |
Source: Ownwell
Property Tax Bills Across Maple Lake, Minnesota
In Maple Lake, Wright County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Maple Lake experience a range of property tax bills. For instance, the 25th percentile tax bill stands at $2,412, while the 75th percentile reaches $4,014, and the 90th percentile can go up to $5,261. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median home price in Maple Lake is $336,200, which plays a significant role in determining the overall tax liability. Compared to the national median property tax rate of 0.99%, Maple Lake's tax rates can impact homeowners differently based on their property's value and specific location within the city. This variation in tax bills can significantly affect homeowners' annual expenses and financial planning.
Average Maple Lake Tax Bill
$3,126
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Maple Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55358 | $1,816 | $2,412 | $3,126 | $4,014 | $5,261 |
Source: Ownwell