Medicine Lake, Minnesota Property Taxes
The median property tax rate in Medicine Lake, MN is 1.31%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Medicine Lake at $874,500, the typical annual property tax bill reaches $11,881, significantly exceeding the national median of $2,690. Property taxes in Medicine Lake 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 Medicine 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 Medicine Lake 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
Medicine Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$11,456
Ownwell’s Medicine Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medicine Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medicine Lake 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 Medicine Lake, Minnesota
Property taxes in Medicine Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medicine Lake is 1.31%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Medicine Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medicine 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 Medicine Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55441 zip code has the highest median property tax rate of 1.31%, while the 55441 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Medicine Lake provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medicine Lake Tax Rate
1.31%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medicine Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55441 | 1.21% | 1.25% | 1.31% | 1.37% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Medicine Lake, Minnesota
In Medicine 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 Hennepin 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 Medicine 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. Being aware of these valuation processes in Medicine Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $11,881 in the 55441 zip code.
Property Tax Assessment Values Across Medicine Lake, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Medicine Lake Assessed Value
$874,500
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medicine Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55441 | $563,700 | $680,250 | $874,500 | $1,068,750 | $1,185,300 |
Source: Ownwell
Property Tax Bills Across Medicine Lake, Minnesota
In Medicine Lake, Hennepin County, MN, property tax bills are calculated based on the assessed value of a property. The assessment process evaluates the market value of a home, which is then used to determine the tax bill. Various factors, such as property size, location, and market conditions, are considered in the assessment. Homeowners in Medicine Lake face property taxes that can significantly impact their finances. For instance, the tax bill at the 25th percentile is $8,835, while at the 75th percentile, it rises to $14,926. The 90th percentile tax bill is even higher at $16,753. These figures highlight the variability in tax obligations depending on property values. Compared to the national median property tax rate of 0.99%, Medicine Lake's tax rates can result in substantial annual costs for homeowners. Understanding these factors is crucial for managing property expenses effectively in this region.
Average Medicine Lake Tax Bill
$11,881
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Medicine Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55441 | $7,008 | $8,835 | $11,881 | $14,926 | $16,753 |
Source: Ownwell