Elbow Lake, Minnesota Property Taxes
The median property tax rate in Elbow Lake, MN is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $149,000 in Elbow Lake, the typical annual property tax bill amounts to $1,648, which is below the national median of $2,690. Property taxes in Elbow Lake are determined based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Elbow Lake'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 Elbow Lake or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elbow Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,565
Ownwell's ELBOW LAKE Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in ELBOW LAKE with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in ELBOW LAKE to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property's assessed value is the value assigned by the county for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Elbow Lake, Minnesota
Property taxes in Elbow Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elbow Lake is 1.05%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elbow Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elbow Lake 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 Elbow Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56531 zip code has the highest median property tax rate of 1.05%, while the 56531 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Elbow Lake provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elbow Lake Tax Rate
1.05%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elbow Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | 0.52% | 0.73% | 1.05% | 1.44% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Elbow Lake, Minnesota
In Elbow Lake, 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 Grant 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 Elbow Lake, 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 highest median tax bill in Elbow Lake is $1,648 in the 56531 zip code, which is the same as the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elbow Lake Assessed Value
$149,000
Average Grant County Assessed Value
$166,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elbow Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | $50,760 | $88,300 | $149,000 | $271,200 | $483,800 |
Source: Ownwell
Property Tax Bills Across Elbow Lake, Minnesota
In Elbow Lake, located in Grant County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $149,000. The local tax rate is applied to this assessed value to determine the annual tax bill. The tax bill can vary significantly, with the 25th percentile paying around $980 and the 75th percentile paying up to $2,578. For the top 10% of assessed properties, tax bills can reach as high as $3,792. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Higher assessed values typically result in higher tax bills, impacting homeowners by increasing their annual financial obligations. Compared to the national median property tax rate of 0.99%, Elbow Lake's rates reflect the local economic and property market conditions, influencing how much homeowners will ultimately pay.
Average Elbow Lake Tax Bill
$1,648
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elbow Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | $522 | $980 | $1,648 | $2,578 | $3,792 |
Source: Ownwell