Lake Elmo, Minnesota Property Taxes
The median property tax rate in Lake Elmo, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Lake Elmo of $532,750, the typical annual property tax bill is $5,028, significantly exceeding the national median of $2,690. Property taxes in Lake Elmo 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 Elmo'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 Elmo 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 Elmo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$4,795
Ownwell’s Lake Elmo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Elmo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Elmo 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 Elmo, Minnesota
Property taxes in Lake Elmo, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Elmo is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Lake Elmo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Elmo 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 Elmo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55042 zip code has the highest median property tax rate of 0.90%, while the 55042 zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Lake Elmo provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Elmo Tax Rate
0.90%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Elmo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55042 | 0.84% | 0.86% | 0.90% | 0.99% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Lake Elmo, Minnesota
In Lake Elmo, 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 Washington 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 Elmo, 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. The median home price in Lake Elmo is $532,750, with tax bills ranging from $4,120 at the 25th percentile to $6,250 at the 75th percentile, and $8,324 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Elmo Assessed Value
$532,750
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Elmo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55042 | $68,400 | $392,225 | $532,750 | $643,250 | $821,950 |
Source: Ownwell
Property Tax Bills Across Lake Elmo, Minnesota
In Lake Elmo, Washington County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Lake Elmo face a median home price of $532,750, which serves as a baseline for tax calculations. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, tax bills in the 25th percentile are around $4,120, while those in the 75th percentile reach approximately $6,250. The highest tax bills, in the 90th percentile, can go up to $8,324. These tax rates directly impact homeowners, influencing their annual financial planning and potentially affecting the overall affordability of homeownership in Lake Elmo. Compared to the national median property tax rate of 0.99%, Lake Elmo's rates reflect a significant investment in local infrastructure and services.
Average Lake Elmo Tax Bill
$5,028
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Elmo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55042 | $2,773 | $4,120 | $5,028 | $6,250 | $8,324 |
Source: Ownwell