Mountain Lake, Minnesota Property Taxes
The median property tax rate in Mountain Lake, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mountain Lake at $233,700, the typical annual property tax bill reaches $1,953, which is significantly below the national median of $2,690. Property taxes in Mountain 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 Mountain 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 Mountain 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
Mountain Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,355
Ownwell’s Mountain Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mountain Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mountain 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 Mountain Lake, Minnesota
Property taxes in Mountain Lake, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountain Lake is 0.58%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mountain Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain 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 Mountain Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56159 has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Mountain Lake provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mountain Lake Tax Rate
0.58%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mountain Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56159 | 0.24% | 0.32% | 0.58% | 0.95% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Lake, Minnesota
In Mountain 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 Jackson County Assessor 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 Mountain 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. For instance, the median home price in Mountain Lake is $233,700, with tax bills ranging from $1,225 at the 25th percentile to $5,732 at the 90th percentile. 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 Mountain Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mountain Lake, Minnesota
Source: Ownwell
$2,400
$632,325
$1,262,250
Average Mountain Lake Assessed Value
$233,700
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mountain Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56159 | $103,820 | $129,900 | $233,700 | $885,400 | $1,528,100 |
Source: Ownwell
Property Tax Bills Across Mountain Lake, Minnesota
In Mountain Lake, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For homeowners in Mountain Lake, the median home price is $233,700. Property tax bills can vary significantly, with the 25th percentile at $1,225 and the 75th percentile reaching $3,584. For those at the higher end, the 90th percentile tax bill can be as much as $5,732. In Jackson County, the highest median tax bill is $1,953, which is also the lowest, indicating a consistent rate across the area. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these costs when budgeting for homeownership, as they can significantly affect annual expenses.
Average Mountain Lake Tax Bill
$1,953
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mountain Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56159 | $826 | $1,225 | $1,953 | $3,584 | $5,732 |
Source: Ownwell