Bingham Lake, Minnesota Property Taxes
The median property tax rate in Bingham Lake, MN is 0.96%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bingham Lake at $194,250, the typical annual property tax bill is $1,572, which falls below the national median of $2,690. Property taxes in Bingham Lake are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bingham 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 Bingham 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
Bingham Lake, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Bingham Lake Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Bingham Lake. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bingham Lake to provide an accurate estimate of your property tax bill. This valuable resource helps you anticipate potential tax liabilities, allowing for better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Cottonwood County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Bingham Lake, Minnesota
Property taxes in Bingham Lake, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Bingham Lake is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Bingham Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bingham 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 Bingham Lake's effective property tax rate to other areas within Cottonwood County and the national median. For comparison, the zip code 56118 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these figures compare with Bingham Lake provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bingham Lake Tax Rate
0.96%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bingham Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56118 | 0.56% | 0.71% | 0.96% | 1.25% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Bingham Lake, Minnesota
In Bingham Lake, 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 Cottonwood 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 Bingham 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 Bingham Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56118 has both the highest and lowest median tax bill, valued at $1,572.
Average Bingham Lake Assessed Value
$194,250
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bingham Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56118 | $7,440 | $69,575 | $194,250 | $336,725 | $637,860 |
Source: Ownwell
Property Tax Bills Across Bingham Lake, Minnesota
In Bingham Lake, Cottonwood County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's market value, location, and any applicable exemptions or deductions play a significant role in this calculation. For homeowners in Bingham Lake, the median home price is $194,250. Property tax bills can vary widely, with the 25th percentile at $646 and the 75th percentile at $3,230, while the 90th percentile reaches $4,782. Despite this variation, the highest and lowest median tax bills in the area are both recorded at $1,572 in zip code 56118. Compared to the national median property tax rate of 0.99%, Bingham Lake's property tax rates can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Bingham Lake Tax Bill
$1,572
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bingham Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56118 | $111 | $646 | $1,572 | $3,230 | $4,782 |
Source: Ownwell