Sturgeon Lake, Minnesota Property Taxes
The median property tax rate in Sturgeon Lake, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sturgeon Lake at $163,600, the typical annual property tax bill reaches $1,090, well below the national median of $2,690. Property taxes in Sturgeon Lake 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 Sturgeon Lake'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 Sturgeon Lake or another part of Pine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sturgeon Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,129
Ownwell’s Sturgeon Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sturgeon Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sturgeon Lake 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 Sturgeon Lake, Minnesota
Property taxes in Sturgeon Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sturgeon Lake is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Sturgeon Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sturgeon Lake 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 Sturgeon Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55783 has both the highest and the lowest median property tax rate of 0.69%. Understanding how these areas compare with Sturgeon Lake provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sturgeon Lake Tax Rate
0.69%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sturgeon Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55783 | 0.52% | 0.62% | 0.69% | 0.79% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Sturgeon Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sturgeon Lake, MN. 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 Pine 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 Sturgeon Lake, 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. In Sturgeon Lake, the highest and lowest median tax bills are both $1,090 in zip code 55783. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sturgeon Lake, Minnesota
Source: Ownwell
$24,450
$223,950
$423,450
Average Sturgeon Lake Assessed Value
$163,600
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sturgeon Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55783 | $18,000 | $40,000 | $163,600 | $333,750 | $486,400 |
Source: Ownwell
Property Tax Bills Across Sturgeon Lake, Minnesota
In Sturgeon Lake, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the Pine County assessor’s office. The assessed value is intended to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to compute the annual property tax bill. Several factors influence the final tax bill, including local government budgets, school district funding requirements, and any applicable exemptions or deductions. For example, the median home price in Sturgeon Lake is $163,600. Homeowners in the 25th percentile can expect a tax bill around $266, while those in the 75th percentile might see bills as high as $2,402. For the top 10% of homes, tax bills can reach up to $3,521. These property taxes directly impact homeowners by contributing to local services such as public education, infrastructure maintenance, and emergency services. Comparing this to the national median property tax rate of 0.99%, Sturgeon Lake homeowners need to be mindful of how local tax rates and assessed values affect their financial obligations.
Average Sturgeon Lake Tax Bill
$1,090
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sturgeon Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55783 | $96 | $266 | $1,090 | $2,402 | $3,521 |
Source: Ownwell