Lake Crystal, Blue Earth County, Minnesota Property Taxes
Median Lake Crystal, MN effective property tax rate: 1.00%, slightly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lake Crystal, MN home value: $261,950
Median annual Lake Crystal, MN tax bill: $2,448, $48 higher than the national median property tax bill of $2,400.
How are property taxes in Blue Earth County calculated?
Property taxes in Lake Crystal, 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 Crystal’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Crystal, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lake Crystal, Blue Earth County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1%
Estimate Property Tax Bill
$2,620
$2,431
Property Tax Rates Across Lake Crystal, Blue Earth County, Minnesota
Local government entities determine property tax rates, which can differ significantly across a state. Each year, counties calculate the budget required for public services and divide it by the total value of all taxable properties within their area. This process establishes the property tax rate. Although votes and legislation play roles in setting these rates and budgets, this is the essence of how it works annually.
In Lake Crystal, located in Blue Earth County, Minnesota, the effective property tax rate stands at 1.00%. This rate aligns with the highest and lowest median tax rates within the state, as well as the county's median. Comparatively, Minnesota's median property tax rate is slightly below the national median of 1.02%. When juxtaposed with the national median property tax bill of $2,400, Lake Crystal's property tax rate offers a competitive edge. By understanding these local nuances, property owners can make informed decisions about their investments and potential tax savings.
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 Crystal Tax Rate
1.00%
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 Blue Earth County Tax Rate
1.06%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Crystal, Blue Earth County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56055 | 0.63% | 0.70% | 1.00% | 1.10% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Lake Crystal, Blue Earth County, Minnesota
When examining property taxes in LAKE CRYSTAL, 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 Blue Earth County Appraisal District 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 Blue Earth 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 CRYSTAL. For example, the median home price in LAKE CRYSTAL is $261,950, with tax bills ranging significantly across the county. 56055 has the highest median home price at $261,950.
Property Tax Assessment Values Across Lake Crystal, Blue Earth County, Minnesota
Source: Ownwell
$179,100
$305,500
$431,900
Median Lake Crystal Market Value
$261,950
Median Blue Earth County Market Value
$262,300
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Crystal, Blue Earth County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56055 | $117,060 | $181,850 | $261,950 | $360,150 | $499,220 |
Source: Ownwell
Property Tax Bills Across Lake Crystal, Blue Earth County, Minnesota
Property Tax Bills Across Lake Crystal, Blue Earth County, Minnesota
Source: Ownwell
$1,759
$2,726
$3,692
Median Lake Crystal Tax Bill
$2,448
Median Blue Earth County Tax Bill
$2,724
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Crystal, Blue Earth County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56055 | $932 | $1,652 | $2,448 | $3,276 | $4,392 |
Source: Ownwell