Madison Lake, Minnesota Property Taxes
The median property tax rate in Madison Lake, MN is 1.00%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Madison Lake at $460,950, the typical annual property tax bill reaches $4,410, significantly exceeding the national median of $2,690. Property taxes in Madison Lake are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Madison 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 Madison 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
Madison Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$4,610
Ownwell’s Madison Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison 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 Madison Lake, Minnesota
Property taxes in Madison Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison Lake is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Madison Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison 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 Madison Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56063 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Madison Lake provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Lake Tax Rate
1.00%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56063 | 0.76% | 0.90% | 1.00% | 1.13% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Madison Lake, Minnesota
In Madison 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 Le Sueur 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 Madison 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 Madison Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $4,410, and the lowest median tax bill is also $4,410, both in zip code 56063.
Property Tax Assessment Values Across Madison Lake, Minnesota
Source: Ownwell
$239,600
$350,275
$460,950
Average Madison Lake Assessed Value
$460,950
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56063 | $158,700 | $298,125 | $460,950 | $661,150 | $886,440 |
Source: Ownwell
Property Tax Bills Across Madison Lake, Minnesota
In Madison Lake, Le Sueur County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For instance, with a median home price of $460,950, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $2,557, while those in the 75th percentile might pay up to $6,791. At the 90th percentile, the tax bill can reach $9,294. Several factors influence the tax bill, including the property's location, size, and any improvements made. Local tax rates and levies set by the county and other taxing jurisdictions also play a crucial role. High property taxes can impact homeowners by increasing their annual housing costs, potentially affecting affordability. In Madison Lake, the median tax bill is $4,410, which is higher than the national median property tax rate of 0.99%, reflecting the region's higher property values and tax rates.
Average Madison Lake Tax Bill
$4,410
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56063 | $1,194 | $2,557 | $4,410 | $6,791 | $9,294 |
Source: Ownwell