Minnesota Lake, Minnesota Property Taxes
The median property tax rate in Minnesota Lake, MN is 1.09%, 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 Minnesota Lake at $139,500, the typical annual property tax bill is $1,284, which is below the national median of $2,690. Property taxes in Minnesota Lake are calculated based on the tax assessed value, which often falls below 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Minnesota Lake Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate 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. 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 Minnesota Lake, Minnesota
Property taxes in Minnesota Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minnesota Lake is 1.09%, higher 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 56068 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Minnesota Lake provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minnesota Lake Tax Rate
1.09%
Average Faribault County Tax Rate
1.19%
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 | 0.63% | 0.78% | 1.09% | 1.32% | 1.51% |
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 Faribault 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. The median home price in Minnesota Lake stands at $139,500, with the 25th percentile tax bill at $724 and the 75th percentile tax bill at $2,452. 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 highest and lowest median tax bill in Minnesota Lake is $1,284, and it is associated with the zip code 56068.
Property Tax Assessment Values Across Minnesota Lake, Minnesota
Source: Ownwell
$36,400
$144,600
$252,800
Average Minnesota Lake Assessed Value
$139,500
Average Faribault County Assessed Value
$99,500
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 | $17,020 | $83,900 | $139,500 | $213,500 | $286,100 |
Source: Ownwell
Property Tax Bills Across Minnesota Lake, Minnesota
In Minnesota Lake, located in Faribault County, 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 total tax bill. For instance, with a median home price of $139,500, homeowners can expect varying tax bills depending on the specific value of their property and the applicable tax rate. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, tax bills in the 25th percentile are around $724, while those in the 75th percentile reach up to $2,452. At the 90th percentile, tax bills can be as high as $3,498. The highest and lowest median tax bills in the area both stand at $1,284 in the 56068 zip code. These property taxes significantly impact homeowners by affecting their overall housing costs and potentially influencing decisions about homeownership and property investments. Comparing this to the national median property tax rate of 0.99%, homeowners in Minnesota Lake experience a range of tax burdens based on their property's assessed value.
Average Minnesota Lake Tax Bill
$1,284
Average Faribault County Tax Bill
$1,105
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 | $147 | $724 | $1,284 | $2,452 | $3,498 |
Source: Ownwell