Lakeland, Minnesota Property Taxes
The median property tax rate in Lakeland, MN is 0.84%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $342,800 in Lakeland, the typical annual property tax bill is $2,864, slightly above the national median of $2,690. Property taxes in Lakeland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lakeland'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 Lakeland 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
Lakeland, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$2,880
Ownwell’s Lakeland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeland 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 Lakeland, Minnesota
Property taxes in Lakeland, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeland is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Lakeland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeland 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 Lakeland's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55043 has the highest median property tax rate of 0.84%, while the lowest median tax rate is also 0.84% in the same zip code. Understanding how these cities compare with Lakeland 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 Lakeland Tax Rate
0.84%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55043 | 0.79% | 0.83% | 0.84% | 0.88% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Lakeland, Minnesota
In Lakeland, 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 Lakeland, 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 Lakeland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lakeland is $2864.00, while the lowest is also $2864.00, both found in the zip code 55043.
Average Lakeland Assessed Value
$342,800
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 Lakeland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55043 | $239,680 | $290,300 | $342,800 | $408,350 | $579,800 |
Source: Ownwell
Property Tax Bills Across Lakeland, Minnesota
In Lakeland, Washington County, MN, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the tax bill. For example, with a median home price of $342,800, homeowners can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are approximately $2,439, while at the 75th percentile, they rise to around $3,481. The 90th percentile sees tax bills as high as $5,189. Several factors influence the final tax bill, including changes in assessed property values, local government budgets, and specific exemptions or deductions homeowners might qualify for. Compared to the national median property tax rate of 0.99%, the tax rates in Lakeland can have a substantial impact on homeowners. Understanding these factors can help homeowners better anticipate their property tax obligations and plan their finances accordingly.
Average Lakeland Tax Bill
$2,864
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55043 | $1,970 | $2,439 | $2,864 | $3,481 | $5,189 |
Source: Ownwell