Lake Benton, Minnesota Property Taxes
The median property tax rate in Lake Benton, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $202,500 in Lake Benton, the typical annual property tax bill amounts to $1,220, which is below the national median of $2,690. Property taxes in Lake Benton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake Benton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lake Benton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Benton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,114
Ownwell's Lake Benton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Benton with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Lake Benton to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property's assessed value, determined by Lincoln County for tax purposes, takes into account any applicable exemptions, ensuring a precise calculation.
Property Tax Rates Across Lake Benton, Minnesota
Property taxes in Lake Benton, 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 Benton is 0.55%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lake Benton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Benton 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. For comparison, the highest and lowest median property tax rates in Lincoln County, where Lake Benton is located, are both 0.55%, indicating a consistent tax landscape across the area. Understanding how these rates compare with Lake Benton provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Benton Tax Rate
0.55%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Benton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56149 | 0.18% | 0.33% | 0.55% | 1.04% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Lake Benton, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Benton, Minnesota. 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 Lincoln 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 Benton, 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 Benton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,220, found in the 56149 zip code.
Property Tax Assessment Values Across Lake Benton, Minnesota
Source: Ownwell
$185,200
$622,750
$1,060,300
Average Lake Benton Assessed Value
$202,500
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Benton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56149 | $22,000 | $77,400 | $202,500 | $482,500 | $1,055,400 |
Source: Ownwell
Property Tax Bills Across Lake Benton, Minnesota
In Lake Benton, Lincoln County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Lake Benton is $202,500. Property taxes are determined by multiplying the assessed value by the local tax rate, which can vary depending on the specific area and services provided. Factors such as property size, location, and improvements can influence the assessed value. For homeowners, the tax bill can significantly impact annual expenses. In Lake Benton, the tax bill at the 25th percentile is $540, while at the 75th percentile, it reaches $2234. Those at the 90th percentile face tax bills as high as $3293. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates can differ. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. The highest and lowest median tax bills in the area are both $1220, indicating a relatively consistent tax burden across different properties.
Average Lake Benton Tax Bill
$1,220
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Benton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56149 | $131 | $540 | $1,220 | $2,234 | $3,293 |
Source: Ownwell