Eagle Lake, Minnesota Property Taxes
The median property tax rate in Eagle Lake, MN is 0.90%, 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 $301,800 in Eagle Lake, the typical annual property tax bill is $2,668, slightly below the national median of $2,690. Property taxes in Eagle 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 Eagle 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 Eagle Lake or another part of Blue Earth County, being knowledgeable about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eagle Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,716
Ownwell’s Eagle Lake Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Eagle Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eagle Lake to provide an estimate of 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 Eagle Lake, Minnesota
Property taxes in Eagle 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 Eagle Lake is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Eagle Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eagle 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 Eagle Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56024 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Eagle Lake provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eagle Lake Tax Rate
0.90%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eagle Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56024 | 0.83% | 0.87% | 0.90% | 0.93% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Eagle Lake, Minnesota
In Eagle 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 Blue Earth 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 Eagle 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. For example, the median home price in Eagle Lake is $301,800, with tax bills ranging from $1,988 at the 25th percentile to $4,520 at the 90th percentile. 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 Eagle Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eagle Lake Assessed Value
$301,800
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eagle Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56024 | $138,940 | $228,900 | $301,800 | $400,625 | $494,590 |
Source: Ownwell
Property Tax Bills Across Eagle Lake, Minnesota
In Eagle Lake, Blue Earth County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value reflects the market value of the property, and this figure is then multiplied by the local tax rate. For context, the national median property tax rate is 0.99%. In Eagle Lake, the median home price stands at $301,800. Property tax bills can vary significantly within the city, with the 25th percentile tax bill at $1,988 and the 75th percentile at $3,612. For those in the 90th percentile, tax bills can reach up to $4,520. Notably, the highest and lowest median tax bills in the area both amount to $2,668, specifically in the 56024 zip code. These property taxes fund essential community services such as schools, emergency services, and infrastructure maintenance. Consequently, higher property taxes can impact homeowners by increasing their annual financial obligations, but they also contribute to the overall quality of life in Eagle Lake.
Average Eagle Lake Tax Bill
$2,668
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Eagle Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56024 | $1,186 | $1,988 | $2,668 | $3,612 | $4,520 |
Source: Ownwell