Lake Park, Becker County, Minnesota Property Taxes

Name: Property Tax Bills Across Lake Park, Becker County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake Park, MN effective property tax rate: 0.67%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lake Park, MN home value: $288,300
Median annual Lake Park, MN tax bill: $1,951, $449 lower than the national median property tax bill of $2,400.

How are property taxes in Becker calculated?

Property taxes in Lake Park, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lake Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Park, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake Park, Becker County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.67%

Estimate Property Tax Bill

$1,932

$1,792

Ownwell’s Lake Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Park with just two data points. By entering your property's estimated assessed value, our calculator applies Lake Park’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Becker County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake Park, Becker County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Lake Park’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S. Lake Park, located in Becker County, has an effective property tax rate of 0.67%, which is notably lower than the national median of 1.02%. This means residents in Lake Park benefit from a more favorable tax environment compared to the national average. With the median property tax rate in Minnesota aligning with Lake Park’s rate, homeowners in this area enjoy a consistent and predictable tax scenario. This lower rate can be a significant advantage for property owners, making Lake Park an attractive place for potential buyers looking for affordability in property taxes.

Property Tax Rates Across Lake Park, Becker County, Minnesota

Source: Ownwell

0.64%

0.79%

0.94%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lake Park Tax Rate

0.67%

Median Effective Becker County Tax Rate

0.72%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake Park, Becker County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56554	0.59%	0.64%	0.67%	0.71%	0.87%

Source: Ownwell

Property Tax Assessment Values Across Lake Park, Becker County, Minnesota

When examining property taxes in Lake Park, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Becker County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Becker County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake Park.

For example, the median home price in Lake Park is $288,300, with tax bills ranging significantly across the county. ZIP code 56554 has the highest median home price at $288,300.

Property Tax Assessment Values Across Lake Park, Becker County, Minnesota

Source: Ownwell

$168,100

$249,850

$331,600

Median Lake Park Market Value

$288,300

Median Becker County Market Value

$241,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake Park, Becker County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56554	$40,800	$146,850	$288,300	$457,400	$690,230

Source: Ownwell

Property Tax Bills Across Lake Park, Becker County, Minnesota

In Lake Park, Becker County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which can fluctuate based on real estate trends. With a median home price of $288,300, homeowners can expect varying tax bills. The 25th percentile tax bill is $1,040, while the 75th percentile reaches $2,930, and the 90th percentile soars to $4,593. The median tax bill stands at $1,951, which is below the national median of $2,400, offering a relatively lower burden for homeowners. However, the complexity of assessments can lead to inaccuracies, causing homeowners to overpay. This is where Ownwell steps in, helping homeowners appeal their property tax assessments and secure exemptions. By leveraging expert knowledge and local data, Ownwell ensures that assessments are fair and equitable, potentially saving homeowners a significant amount on their property tax bills.

Property Tax Bills Across Lake Park, Becker County, Minnesota

Source: Ownwell

$1,152

$1,728

$2,304

Median Lake Park Tax Bill

$1,951

Median Becker County Tax Bill

$1,854

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Park, Becker County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56554	$254	$1,040	$1,951	$2,930	$4,593

Source: Ownwell