Fifty Lakes, Minnesota Property Taxes
The median property tax rate in Fifty Lakes, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fifty Lakes at $191,000, the typical annual property tax bill reaches $958, significantly below the national median of $2,690. Property taxes in Fifty Lakes 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 Fifty Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fifty Lakes 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
Fifty Lakes, 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 Fifty Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fifty Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fifty Lakes 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 Fifty Lakes, Minnesota
Property taxes in Fifty Lakes, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fifty Lakes is 0.54%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Fifty Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fifty Lakes 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 Fifty Lakes' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56448 has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Fifty Lakes 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 Fifty Lakes Tax Rate
0.54%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fifty Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56448 | 0.45% | 0.47% | 0.54% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Fifty Lakes, Minnesota
In Fifty Lakes, 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 Fifty Lakes, 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 Fifty Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $191,000, with the highest median tax bill amounting to $958 in the 56448 zip code.
Average Fifty Lakes Assessed Value
$191,000
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 Fifty Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56448 | $85,000 | $119,200 | $191,000 | $324,000 | $404,660 |
Source: Ownwell
Property Tax Bills Across Fifty Lakes, Minnesota
In Fifty Lakes, located in Cass County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Fifty Lakes is $191,000, and the median property tax rate in the area is 0.99%, aligning with the national median. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions or appeals. Homeowners in Fifty Lakes can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $654, while the 75th percentile tax bill reaches $1,594, and the 90th percentile tax bill can be as high as $1,908. These property taxes play a crucial role in funding local public services such as schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated and the potential for appealing or qualifying for exemptions can significantly impact their annual financial planning.
Average Fifty Lakes Tax Bill
$958
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fifty Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56448 | $468 | $654 | $958 | $1,594 | $1,908 |
Source: Ownwell