Lamberton, Minnesota Property Taxes
The median property tax rate in Lamberton, MN is 0.53%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lamberton at $238,300, the typical annual property tax bill amounts to $1,818, which is well below the national median of $2,690. Property taxes in Lamberton 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 Lamberton'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 Lamberton or another part of Cottonwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lamberton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,263
Ownwell’s Lamberton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lamberton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamberton to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities accurately. For those interested in more detailed insights at a neighborhood level, scroll down to access localized information. Your property’s assessed value is determined by Cottonwood County for tax calculations, including any applicable exemptions.
Property Tax Rates Across Lamberton, Minnesota
Property taxes in Lamberton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamberton is 0.53%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lamberton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamberton 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 Lamberton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56152 has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Lamberton provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamberton Tax Rate
0.53%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamberton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56152 | 0.26% | 0.35% | 0.53% | 0.64% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Lamberton, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamberton, MN. 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 Cottonwood 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 Lamberton, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56152 has both the highest and lowest median tax bill at $1,818.
Average Lamberton Assessed Value
$238,300
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamberton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56152 | $129,930 | $179,825 | $238,300 | $601,675 | $1,824,590 |
Source: Ownwell
Property Tax Bills Across Lamberton, Minnesota
In Lamberton, located in Cottonwood County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $238,300, homeowners can expect a tax bill that varies significantly. The 25th percentile tax bill stands at $1,036, while the 75th percentile tax bill is $3,130, and the 90th percentile tax bill reaches $4,893. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as it directly impacts their annual financial obligations. Compared to the national median property tax rate of 0.99%, Lamberton's tax rates can result in a wide range of tax bills, reflecting the diverse property values and local fiscal requirements.
Average Lamberton Tax Bill
$1,818
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamberton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56152 | $858 | $1,036 | $1,818 | $3,130 | $4,893 |
Source: Ownwell