Lake George, Minnesota Property Taxes
The median property tax rate in Lake George, MN is 0.77%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Lake George of $187,350, the typical annual property tax bill comes to $1,458, notably less than the national median of $2,690. Property taxes in Lake George are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Lake George'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 George or another part of Hubbard County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake George, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Lake George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake George 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 Lake George, Minnesota
Property taxes in Lake George, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake George is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake George set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake George 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 George's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56458 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Lake George provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake George Tax Rate
0.77%
Average Hubbard County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake George, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56458 | 0.69% | 0.75% | 0.77% | 0.84% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Lake George, Minnesota
In Lake George, 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 Hubbard 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 George, 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 George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56458 has both the highest and lowest median tax bill at $1,458, reflecting the unique property tax landscape of the area.
Average Lake George Assessed Value
$187,350
Average Hubbard County Assessed Value
$236,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake George, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56458 | $59,970 | $121,125 | $187,350 | $273,175 | $391,640 |
Source: Ownwell
Property Tax Bills Across Lake George, Minnesota
In Lake George, located in Hubbard County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area see a range of tax bills depending on their property's assessed value. For instance, the median home price in Lake George is $187,350. Property taxes here can vary significantly; the 25th percentile tax bill is $938, while the 75th percentile tax bill reaches $2,094. At the 90th percentile, homeowners might pay up to $3,018. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and local government budgets play a role in determining the assessed value. Compared to the national median property tax rate of 0.99%, the local rates can influence the financial burden on homeowners. For those residing in the zip code 56458, the highest and lowest median tax bills are both recorded at $1,458, highlighting a specific consistency in tax assessments within that area.
Average Lake George Tax Bill
$1,458
Average Hubbard County Tax Bill
$1,832
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake George, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56458 | $467 | $938 | $1,458 | $2,094 | $3,018 |
Source: Ownwell