Lengby, Minnesota Property Taxes
The median property tax rate in Lengby, MN is 1.24%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lengby, the typical annual property tax bill reaches $2,072, which is below the national median of $2,690. Property taxes in Lengby 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 Lengby'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 Lengby 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
Lengby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$2,399
Ownwell’s Lengby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lengby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lengby 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 Lengby, Minnesota
Property taxes in Lengby, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lengby is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lengby set these rates annually, and they can vary across different neighborhoods. Each year, Lengby 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 Lengby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56651 has both the highest and lowest median property tax rate of 1.24%. Understanding how these figures compare with Lengby provides valuable insights into the varying tax landscape across Mahnomen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lengby Tax Rate
1.24%
Average Mahnomen County Tax Rate
1.01%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lengby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56651 | 0.73% | 1.00% | 1.24% | 1.26% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Lengby, Minnesota
In Lengby, 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 Mahnomen 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 Lengby, 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 Lengby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 56651, with a tax bill of $2,072.
Average Lengby Assessed Value
$193,500
Average Mahnomen County Assessed Value
$124,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lengby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56651 | $39,830 | $114,450 | $193,500 | $294,025 | $450,510 |
Source: Ownwell
Property Tax Bills Across Lengby, Minnesota
In Lengby, located in Mahnomen County, MN, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. Several factors influence this assessment, including the property's size, location, and condition. Once the assessed value is established, it is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $193,500, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,108, while the 75th percentile reaches $3,306, and the 90th percentile can go up to $4,928. These figures reflect the range of property taxes paid by homeowners in the area, showing how property values and local tax rates impact individual tax obligations. Compared to the national median property tax rate of 0.99%, Lengby's rates can significantly affect homeowners' annual expenses, making it essential for residents to understand how their tax bills are determined.
Average Lengby Tax Bill
$2,072
Average Mahnomen County Tax Bill
$1,156
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lengby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56651 | $426 | $1,108 | $2,072 | $3,306 | $4,928 |
Source: Ownwell