East Gull Lake, Minnesota Property Taxes
The median property tax rate in East Gull Lake, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in East Gull Lake, the typical annual property tax bill amounts to $118, significantly below the national median of $2,690. Property taxes in East Gull Lake are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding East Gull Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of East Gull 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
East Gull Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$117
Ownwell’s EAST GULL LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST GULL LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST GULL 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 East Gull Lake, Minnesota
Property taxes in East Gull Lake, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Gull Lake is 0.58%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within East Gull Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Gull 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 East Gull Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56401 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with East Gull Lake provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Gull Lake Tax Rate
0.58%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Gull Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56401 | 0.58% | 0.58% | 0.58% | 0.68% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across East Gull Lake, Minnesota
In East Gull 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 Cass 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 East Gull 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 East Gull Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $118, found in the 56401 zip code.
Property Tax Assessment Values Across East Gull Lake, Minnesota
Source: Ownwell
$20,200
$300,525
$580,850
Average East Gull Lake Assessed Value
$20,200
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Gull Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56401 | $13,700 | $20,200 | $20,200 | $320,175 | $1,154,580 |
Source: Ownwell
Property Tax Bills Across East Gull Lake, Minnesota
In East Gull Lake, located in Cass County, MN, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the county assessor, who evaluates the market value of the home. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For instance, the median home price in East Gull Lake is $20,200, which significantly impacts the tax bill. Homeowners in the 25th percentile can expect to pay around $118, while those in the 75th percentile might pay approximately $2,045. At the 90th percentile, tax bills can reach up to $8,635. These property tax bills directly affect homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, East Gull Lake's rates can vary widely, making it essential for homeowners to understand their specific tax obligations.
Average East Gull Lake Tax Bill
$118
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across East Gull Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56401 | $107 | $118 | $118 | $2,045 | $8,635 |
Source: Ownwell