Pequot Lakes, Minnesota Property Taxes
The median property tax rate in Pequot Lakes, MN is 0.57%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $225,300 in Pequot Lakes, the typical annual property tax bill is $1,390, which is well below the national median of $2,690. Property taxes in Pequot Lakes are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Pequot 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 Pequot 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
Pequot Lakes, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,284
Ownwell’s Pequot Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pequot Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pequot 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 Pequot Lakes, Minnesota
Property taxes in Pequot Lakes, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Pequot Lakes is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Pequot Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pequot 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 Pequot Lakes' effective property tax rate to other areas and the national median. For comparison, the zip code 56472 has both the highest and lowest median property tax rate of 0.57%. Understanding how these rates compare with Pequot Lakes provides valuable insights into the varying tax landscape across Crow Wing County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pequot Lakes Tax Rate
0.57%
Average Crow Wing County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pequot Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56472 | 0.42% | 0.47% | 0.57% | 0.75% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Pequot Lakes, Minnesota
In Pequot 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 Crow Wing 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 Pequot 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 Pequot Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pequot Lakes is $225,300, with the highest and lowest median tax bills both recorded at $1,390 in zip code 56472.
Average Pequot Lakes Assessed Value
$225,300
Average Crow Wing County Assessed Value
$265,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pequot Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56472 | $23,500 | $56,925 | $225,300 | $495,000 | $884,700 |
Source: Ownwell
Property Tax Bills Across Pequot Lakes, Minnesota
In Pequot Lakes, located in Crow Wing County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $225,300. Property taxes are determined by multiplying the assessed value by the local tax rate, which can vary depending on the specific location within the county. Several factors influence the tax bill, including property size, location, and improvements made to the property. The tax bill can significantly impact homeowners, with the 25th percentile paying around $299 and the 75th percentile facing bills up to $3,092. At the 90th percentile, homeowners might see tax bills as high as $5,216. Comparatively, the highest and lowest median tax bills in Pequot Lakes are both $1,390, reflecting a more stable range within the zip code 56472. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the quality of life in the community.
Average Pequot Lakes Tax Bill
$1,390
Average Crow Wing County Tax Bill
$1,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pequot Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56472 | $124 | $299 | $1,390 | $3,092 | $5,216 |
Source: Ownwell