Lewisville, Minnesota Property Taxes
The median property tax rate in Lewisville, MN is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $133,550 in Lewisville, the typical annual property tax bill amounts to $1,326, which is below the national median of $2,690. Property taxes in Lewisville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Lewisville'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 Lewisville 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
Lewisville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,402
Ownwell’s Lewisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisville 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 Lewisville, Minnesota
Property taxes in Lewisville, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisville is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Lewisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewisville 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 Lewisville's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56060 has both the highest and lowest median property tax rate of 1.05%, identical to Lewisville's rate. Understanding how these areas compare with Lewisville provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisville Tax Rate
1.05%
Average Watonwan County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56060 | 0.32% | 0.55% | 1.05% | 1.29% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Lewisville, Minnesota
Understanding the difference between "market value" and "assessed value" in Lewisville, Minnesota, 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 Watonwan 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 Lewisville, 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 zip code with the highest median tax bill is 56060, with a tax bill of $1,326. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lewisville Assessed Value
$133,550
Average Watonwan County Assessed Value
$150,750
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56060 | $24,820 | $72,125 | $133,550 | $307,075 | $876,920 |
Source: Ownwell
Property Tax Bills Across Lewisville, Minnesota
In Lewisville, Watonwan 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 determine the annual tax bill. The median home price in Lewisville is $133,550, and the property tax rate in the area is used to calculate the tax obligation for homeowners. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For instance, the tax bill for the 25th percentile of homes is $774, while it rises to $2,142 for the 75th percentile and can go as high as $3,830 for the 90th percentile. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Lewisville should be aware of how these taxes are calculated, as they can significantly impact their annual expenses and overall financial planning.
Average Lewisville Tax Bill
$1,326
Average Watonwan County Tax Bill
$1,480
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56060 | $324 | $774 | $1,326 | $2,142 | $3,830 |
Source: Ownwell