Lastrup, Minnesota Property Taxes
The median property tax rate in Lastrup, MN is 1.07%, slightly higher than the national median of 0.99% but lower than Minnesota's state median of 1.11%. With the median home value in Lastrup at $96,000, the typical annual property tax bill is $1,044, which surpasses the national median of $2,690. Property taxes in Lastrup are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lastrup'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 Lastrup or another part of Morrison County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lastrup, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,027
Ownwell’s Lastrup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lastrup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lastrup 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 Lastrup, Minnesota
Property taxes in Lastrup, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lastrup is 1.07%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lastrup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lastrup 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 Lastrup's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56344 zip code has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Lastrup provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lastrup Tax Rate
1.07%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lastrup, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56344 | 0.62% | 0.81% | 1.07% | 1.12% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Lastrup, Minnesota
In Lastrup, 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 Morrison County Assessor's Office 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 Lastrup, 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 Lastrup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1044.00 in the 56344 zip code, reflecting the local property values and tax assessments.
Average Lastrup Assessed Value
$96,000
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lastrup, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56344 | $37,020 | $67,300 | $96,000 | $104,400 | $119,740 |
Source: Ownwell
Property Tax Bills Across Lastrup, Minnesota
In Lastrup, located in Morrison County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Lastrup, the median home price is $96,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $364 and the 75th percentile reaching $1,161. At the 90th percentile, homeowners might see tax bills as high as $1,445. These figures indicate a range of property tax burdens, influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Lastrup's property tax rates reflect the local economic environment and funding needs. These tax bills directly impact homeowners by affecting their annual housing costs and overall financial planning.
Average Lastrup Tax Bill
$1,044
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lastrup, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56344 | $199 | $364 | $1,044 | $1,161 | $1,445 |
Source: Ownwell