West Lakeland, Minnesota Property Taxes
The median property tax rate in West Lakeland, MN is 0.78%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in West Lakeland at $764,050, the typical annual property tax bill reaches $5,933, surpassing the national median of $2,690. Property taxes in West Lakeland 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 West 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 West 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
West Lakeland, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$5,960
Ownwell’s West Lakeland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Lakeland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West 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 West Lakeland, Minnesota
Property taxes in West 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 West Lakeland is 0.78%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within West Lakeland set these rates annually, and they can vary significantly across different neighborhoods. Each year, West 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 West Lakeland's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55082 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with West 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 West Lakeland Tax Rate
0.78%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Lakeland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55082 | 0.77% | 0.77% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across West Lakeland, Minnesota
In West 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. 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. Notably, the median home price in West Lakeland is $764,050, with tax bills ranging from $5,654 at the 25th percentile to $6,380 at the 90th percentile. The zip code 55082 has both the highest and lowest median tax bills, each at $5,933. 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 West Lakeland, Minnesota
Source: Ownwell
$12,550
$585,000
$1,157,450
Average West Lakeland Assessed Value
$764,050
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 West Lakeland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55082 | $712,650 | $731,925 | $764,050 | $796,175 | $815,450 |
Source: Ownwell
Property Tax Bills Across West Lakeland, Minnesota
In West Lakeland, Washington County, MN, property tax bills are determined based on the assessed value of a property. The county assesses the property's market value, and then applies the local tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in West Lakeland face property tax bills that vary considerably; at the 25th percentile, the tax bill is around $5,654, while at the 75th percentile, it reaches approximately $6,212. The 90th percentile sees tax bills around $6,380. Compared to the national median property tax rate of 0.99%, homeowners in this area experience higher tax bills, reflecting the higher median home price of $764,050. This can significantly impact homeowners, as higher property taxes can affect monthly mortgage payments and overall housing affordability. The highest and lowest median tax bills in the area both stand at $5,933, specifically in the 55082 zip code, highlighting a relatively uniform but elevated tax landscape.
Average West Lakeland Tax Bill
$5,933
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across West Lakeland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55082 | $5,486 | $5,654 | $5,933 | $6,212 | $6,380 |
Source: Ownwell