Lake Park, Minnesota Property Taxes
The median property tax rate in Lake Park, MN is 0.45%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $328,200 in Lake Park, the typical annual property tax bill is $1,688, which is well below the national median of $2,690. Property taxes in Lake Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Park'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 Park 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 Park, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,477
Ownwell’s Lake Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Park 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 Clay County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Park, Minnesota
Property taxes in Lake Park, Minnesota, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lake Park stands at 0.45%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lake Park set these rates annually, and they can vary across different neighborhoods. Each year, Lake Park 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 Park's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56554 has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Lake Park provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Park Tax Rate
0.45%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56554 | 0.22% | 0.29% | 0.45% | 0.74% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Lake Park, Minnesota
In Lake Park, 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 Clay 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 Park, 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 Lake Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Park is $328,200, with tax bills ranging from $662 at the 25th percentile to $4,356 at the 90th percentile. The zip code 56554 has both the highest and lowest median tax bill at $1,688.
Average Lake Park Assessed Value
$328,200
Average Clay County Assessed Value
$240,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56554 | $105,840 | $195,100 | $328,200 | $510,600 | $735,960 |
Source: Ownwell
Property Tax Bills Across Lake Park, Minnesota
In Lake Park, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Clay County. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $328,200, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Factors influencing the tax bill include property location, home size, and any applicable exemptions or deductions. In Lake Park, the 25th percentile tax bill is $662, while the 75th percentile reaches $3,012, and the 90th percentile can go up to $4,356. These figures highlight the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Lake Park's rates can be more favorable, offering potential savings for residents. Understanding these factors helps homeowners better anticipate their financial responsibilities.
Average Lake Park Tax Bill
$1,688
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56554 | $391 | $662 | $1,688 | $3,012 | $4,356 |
Source: Ownwell