Lake Wilson, Minnesota Property Taxes
The median property tax rate in Lake Wilson, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lake Wilson at $142,400, the typical annual property tax bill is $724, significantly below the national median of $2,690. Property taxes in Lake Wilson 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 Lake Wilson'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 Lake Wilson 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
Lake Wilson, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Lake Wilson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Wilson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Wilson 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 Lake Wilson, Minnesota
Property taxes in Lake Wilson, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Wilson is 0.54%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lake Wilson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Wilson 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 Lake Wilson's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56151 has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these areas compare with Lake Wilson provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Wilson Tax Rate
0.54%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Wilson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | 0.12% | 0.25% | 0.54% | 0.91% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Lake Wilson, Minnesota
In Lake Wilson, 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 Murray 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 Wilson, 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 Wilson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Lake Wilson is $724, with both the highest and lowest median tax bills recorded in the 56151 zip code.
Average Lake Wilson Assessed Value
$142,400
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Wilson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | $12,820 | $66,375 | $142,400 | $301,950 | $1,152,410 |
Source: Ownwell
Property Tax Bills Across Lake Wilson, Minnesota
In Lake Wilson, located in Murray County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Lake Wilson is $142,400. Property taxes are calculated by applying the local tax rate to the assessed value of the property. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value. Homeowners in Lake Wilson might see a range of tax bills depending on their property's assessed value. For instance, those in the 25th percentile pay around $334 annually, while those in the 75th percentile face bills closer to $1,392. At the 90th percentile, tax bills can reach up to $2,352. The highest and lowest median tax bills in the area are both $724, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services, including schools, infrastructure, and emergency services, directly impacting the quality of life for Lake Wilson residents.
Average Lake Wilson Tax Bill
$724
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Wilson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | $114 | $334 | $724 | $1,392 | $2,352 |
Source: Ownwell