Lanesboro, Minnesota Property Taxes
The median property tax rate in Lanesboro, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lanesboro at $231,300, the typical annual property tax bill reaches $1,750, which is significantly below the national median of $2,690. Property taxes in Lanesboro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lanesboro'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 Lanesboro 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
Lanesboro, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,596
Ownwell’s Lanesboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lanesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lanesboro 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 Lanesboro, Minnesota
Property taxes in Lanesboro, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanesboro is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Lanesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanesboro 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 Lanesboro's effective property tax rate to other areas in Fillmore County and the national median. For comparison, the zip code 55949 has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Lanesboro provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lanesboro Tax Rate
0.69%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanesboro, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55949 | 0.26% | 0.44% | 0.69% | 1.23% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Lanesboro, Minnesota
In Lanesboro, 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 Fillmore County Assessor 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 Lanesboro, 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 Lanesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lanesboro is $231,300, with the 25th percentile tax bill at $1,082 and the 75th percentile at $2,696. The highest and lowest median tax bills in the area are both $1,750 in the 55949 zip code.
Average Lanesboro Assessed Value
$231,300
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lanesboro, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55949 | $67,140 | $133,800 | $231,300 | $399,400 | $818,660 |
Source: Ownwell
Property Tax Bills Across Lanesboro, Minnesota
In Lanesboro, Fillmore County, MN, property tax bills are determined based on the assessed value of a home. The county assessor evaluates properties to establish their market value, which forms the basis for property tax calculations. Homeowners in Lanesboro can expect varying tax bills, influenced by factors such as property size, location, and improvements. The median home price in Lanesboro is $231,300, and property tax bills can range significantly. For instance, the tax bill at the 25th percentile is $1,082, while at the 75th percentile, it rises to $2,696. At the 90th percentile, homeowners may face a tax bill of $3,802. These figures illustrate the variability in tax obligations, which can impact household budgets and financial planning. Comparatively, the national median property tax rate is 0.99%, making Lanesboro's property tax context crucial for homeowners to understand. The highest and lowest median tax bills in the area are both $1,750, specifically in the 55949 zip code, reflecting some consistency in tax assessments within this locality.
Average Lanesboro Tax Bill
$1,750
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanesboro, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55949 | $474 | $1,082 | $1,750 | $2,696 | $3,802 |
Source: Ownwell