Lake Shore, Minnesota Property Taxes
The median property tax rate in Lake Shore, MN is 0.77%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lake Shore, the typical annual property tax bill reaches $3,627, exceeding the national median of $2,690. Property taxes in Lake Shore 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 Lake Shore'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 Lake Shore 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
Lake Shore, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$4,004
Ownwell’s Lake Shore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Shore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Shore 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 Lake Shore, Minnesota
Property taxes in Lake Shore, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Shore is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Shore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Shore 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 Lake Shore's effective property tax rate to other areas in Cass County and the national median. For comparison, the zip code 56468 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Lake Shore 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 Lake Shore Tax Rate
0.77%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Shore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56468 | 0.62% | 0.74% | 0.77% | 0.77% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lake Shore, Minnesota
In Lake Shore, 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 Lake Shore, 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. The median home price in Lake Shore is $520,050, with tax bills ranging from $2,043 at the 25th percentile to $4,980 at the 90th percentile. The highest and lowest median tax bill in the area is $3,627 in the 56468 zip code. Being aware of these valuation processes in Lake Shore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Shore Assessed Value
$520,050
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 Lake Shore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56468 | $111,670 | $273,400 | $520,050 | $571,000 | $634,540 |
Source: Ownwell
Property Tax Bills Across Lake Shore, Minnesota
Property tax bills in Lake Shore, located in Cass County, MN, are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which in Lake Shore has a median home price of $520,050. The local tax rate is applied to this assessed value to calculate the tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. Homeowners in Lake Shore can expect tax bills that vary significantly; for instance, at the 25th percentile, the tax bill is $2,043, while at the 75th percentile, it rises to $4,390, and at the 90th percentile, it can reach up to $4,980. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Lake Shore's tax bills reflect the area's property values and local funding needs, impacting homeowners' annual financial planning.
Average Lake Shore Tax Bill
$3,627
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Shore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56468 | $884 | $2,043 | $3,627 | $4,390 | $4,980 |
Source: Ownwell