Lismore, Minnesota Property Taxes
The median property tax rate in Lismore, MN is 1.19%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lismore, the typical annual property tax bill reaches $954, which is below the national median of $2,690. Property taxes in Lismore 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 Lismore'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 Lismore 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
Lismore, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,130
Ownwell’s Lismore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lismore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lismore 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 Lismore, Minnesota
Property taxes in Lismore, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lismore is 1.19%, which is higher than the U.S. national median of 0.99%. Local government entities within Lismore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lismore 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 Lismore's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56155 zip code has the highest median property tax rate of 1.19%, while the 56155 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Lismore provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lismore Tax Rate
1.19%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lismore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56155 | 0.81% | 1.00% | 1.19% | 1.41% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lismore, Minnesota
In Lismore, 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 Nobles 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 Lismore, 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. For instance, the median home price in Lismore is $94,950, with tax bills varying significantly; the 25th percentile tax bill is $459, while the 75th percentile tax bill is $1,698, and the 90th percentile tax bill reaches $2,756. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lismore Assessed Value
$94,950
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lismore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56155 | $7,940 | $35,650 | $94,950 | $164,025 | $233,520 |
Source: Ownwell
Property Tax Bills Across Lismore, Minnesota
In Lismore, located in Nobles 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, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Lismore, the median home price is $94,950, with property tax bills ranging significantly. At the 25th percentile, homeowners might see a tax bill around $459, while those at the 75th percentile could expect approximately $1,698. The highest property tax bills, at the 90th percentile, can reach up to $2,756. Comparatively, the national median property tax rate is 0.99%, placing Lismore’s property taxes in a competitive range. These taxes are crucial as they fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners should be aware of these factors when budgeting for property ownership in Lismore.
Average Lismore Tax Bill
$954
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lismore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56155 | $111 | $459 | $954 | $1,698 | $2,756 |
Source: Ownwell