Twin Lakes, Minnesota Property Taxes
The median property tax rate in Twin Lakes, MN is 1.04%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $57,700 in Twin Lakes, the typical annual property tax bill amounts to $527, which is below the national median of $2,690. Property taxes in Twin Lakes are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Twin Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Twin Lakes or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Lakes, 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 Twin Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Lakes 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 Twin Lakes, Minnesota
Property taxes in Twin Lakes, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Lakes is 1.04%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Twin Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Lakes 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 Twin Lakes' effective property tax rate to other areas in Freeborn County and the national median. For comparison, the zip code 56089 has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Twin Lakes provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Twin Lakes Tax Rate
1.04%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56089 | 0.85% | 0.89% | 1.04% | 1.50% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Twin Lakes, Minnesota
In Twin Lakes, 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 Freeborn 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 Twin Lakes, 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. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Twin Lakes is $527.00 in zip code 56089, while the lowest median tax bill is also $527.00 in the same zip code.
Average Twin Lakes Assessed Value
$57,700
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Twin Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56089 | $5,300 | $12,100 | $57,700 | $99,600 | $204,400 |
Source: Ownwell
Property Tax Bills Across Twin Lakes, Minnesota
In Twin Lakes, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Various factors such as the property's location, size, and condition are considered to determine this value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Twin Lakes, the median home price is $57,700. Property tax bills can vary significantly, with the 25th percentile at $178 and the 75th percentile reaching $914. At the higher end, the 90th percentile tax bill goes up to $2,064. The highest and lowest median tax bills in the area both stand at $527, reflecting the uniformity in tax assessments within the zip code 56089. Compared to the national median property tax rate of 0.99%, Twin Lakes homeowners experience a range of tax obligations based on their property's assessed value, impacting their annual financial planning.
Average Twin Lakes Tax Bill
$527
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56089 | $104 | $178 | $527 | $914 | $2,064 |
Source: Ownwell