Clear Lake, Minnesota Property Taxes
The median property tax rate in Clear Lake, MN is 0.88%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $452,700 in Clear Lake, the typical annual property tax bill amounts to $3,998, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Clear 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 Clear Lake or another part of Benton County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clear Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$3,984
Ownwell’s Clear Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clear Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clear 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 Clear Lake, Minnesota
Property taxes in Clear 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 Clear Lake is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Clear Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clear 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 Clear Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55319 zip code has the median property tax rate of 0.88%. Understanding how these cities compare with Clear Lake provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clear Lake Tax Rate
0.88%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clear Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55319 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Clear Lake, Minnesota
In Clear 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 Benton 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 Clear 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 Clear Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55319, with a value of $3,998, which is also the lowest median tax bill in the area.
Average Clear Lake Assessed Value
$452,700
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clear Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55319 | $452,700 | $452,700 | $452,700 | $452,700 | $452,700 |
Source: Ownwell
Property Tax Bills Across Clear Lake, Minnesota
In Clear Lake, Benton County, MN, property tax bills are determined based on the assessed value of a home. The median home price in this area is $452,700. Property taxes are calculated by applying the local tax rate to the assessed value of the property. Factors such as the size of the property, its location, and any improvements made can affect the assessed value. In Clear Lake, the tax bill at the 25th, 75th, and 90th percentiles is consistently $3,998, which is significantly higher than the national median property tax rate of 0.99%. This means homeowners in Clear Lake may face higher property tax bills compared to other regions. The highest and lowest median tax bills in the area both stand at $3,998, indicating a uniform tax rate across different properties. This uniformity can impact homeowners' budgets, making it essential for them to plan for these expenses annually.
Average Clear Lake Tax Bill
$3,998
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clear Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55319 | $3,998 | $3,998 | $3,998 | $3,998 | $3,998 |
Source: Ownwell