Lake Crystal, Minnesota Property Taxes
The median property tax rate in Lake Crystal, MN is 1.00%, which is slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Lake Crystal at $261,950, the typical annual property tax bill reaches $2,448, just under the national median of $2,690. Property taxes in Lake Crystal 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 Lake Crystal'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 Lake Crystal 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
Lake Crystal, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,620
Ownwell’s Lake Crystal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Crystal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Crystal 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 Lake Crystal, Minnesota
Property taxes in Lake Crystal, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Crystal is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Lake Crystal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Crystal 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 Lake Crystal's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56055 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Lake Crystal provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Crystal Tax Rate
1.00%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Crystal, 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, Minnesota
In Lake Crystal, 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 Blue Earth 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 Lake Crystal, 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 Lake Crystal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56055, with a value of $2,448.
Average Lake Crystal Assessed Value
$261,950
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Crystal, 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, Minnesota
Property tax bills in Lake Crystal, located in Blue Earth County, MN, are determined based on the assessed value of a property, which is influenced by factors such as the property's market value and any improvements made. The local government assesses properties annually to establish their taxable value. This assessed value is then multiplied by the local tax rate to calculate the tax bill. In Lake Crystal, the median home price stands at $261,950, and property taxes can vary significantly. For instance, the tax bill for homes in the 25th percentile is around $1,652, while those in the 75th percentile can reach up to $3,276. Homeowners with properties in the 90th percentile might see tax bills as high as $4,392. Compared to the national median property tax rate of 0.99%, homeowners in Lake Crystal experience a range of tax burdens, impacting their annual financial planning and overall cost of homeownership.
Average Lake Crystal Tax Bill
$2,448
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Crystal, 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