Minnesota Lake, Minnesota Property Taxes
The median property tax rate in Minnesota Lake, MN is 0.74%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minnesota Lake at $362,600, the typical annual property tax bill amounts to $2,641, slightly below the national median of $2,690. Property taxes in Minnesota Lake are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Minnesota Lake'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 Minnesota Lake 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
Minnesota Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,683
Ownwell’s Minnesota Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Minnesota Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minnesota Lake to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For more localized information on neighborhood trends, simply scroll down. Your property’s assessed value is the value assigned by Blue Earth County for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Minnesota Lake, Minnesota
Property taxes in Minnesota Lake, MN, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minnesota Lake is 0.74%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Minnesota Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minnesota Lake 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 Minnesota Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56068 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Minnesota Lake 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 Minnesota Lake Tax Rate
0.74%
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 Minnesota Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56068 | 0.30% | 0.43% | 0.74% | 0.79% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Minnesota Lake, Minnesota
In Minnesota Lake, MN, 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 Minnesota Lake, 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 Minnesota Lake 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 56068, both at $2,641.
Property Tax Assessment Values Across Minnesota Lake, Minnesota
Source: Ownwell
$17,300
$224,600
$431,900
Average Minnesota Lake Assessed Value
$362,600
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 Minnesota Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56068 | $166,160 | $218,450 | $362,600 | $664,225 | $1,525,090 |
Source: Ownwell
Property Tax Bills Across Minnesota Lake, Minnesota
In Minnesota Lake, located in Blue Earth County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor’s office and reflects the market value of the property. Homeowners in this area experience property tax bills that vary significantly, depending on the value of their homes and other factors such as local tax rates and any applicable exemptions. For instance, the median home price in Minnesota Lake is $362,600, and property tax bills can range widely. The 25th percentile tax bill is $1,787, while the 75th percentile tax bill is $3,420, and the 90th percentile tax bill can reach up to $5,455. These figures highlight the variability in tax obligations, which can impact homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, the tax rates in Minnesota Lake may result in higher or lower tax bills, depending on individual property values and local tax policies.
Average Minnesota Lake Tax Bill
$2,641
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 Minnesota Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56068 | $1,019 | $1,787 | $2,641 | $3,420 | $5,455 |
Source: Ownwell