Long Lake, Minnesota Property Taxes
The median property tax rate in Long Lake, MN is 1.08%, slightly higher than the national median of 0.99% but just below Minnesota's state median of 1.11%. With the median home value in Long Lake at $649,000, the typical annual property tax bill reaches $6,947, significantly exceeding the national median of $2,690. Property taxes in Long Lake 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 Long 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 Long 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
Long Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$7,009
Ownwell’s Long Lake Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Long Lake with just two data points. Simply enter your property's estimated assessed value, and the calculator will apply the median tax rate in Long Lake to estimate your property tax bill. This tool provides a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Hennepin County, serves as the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Long Lake, Minnesota
Property taxes in Long Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Lake is 1.08%, higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Long Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long 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 Long Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55356 zip code has the highest median property tax rate of 1.08%, while the 55356 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Long Lake provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Lake Tax Rate
1.08%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55356 | 0.97% | 1.02% | 1.08% | 1.13% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Long Lake, Minnesota
In Long 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 Hennepin 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 Long 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 Long Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Long Lake is $6,947 in zip code 55356, which is also the lowest median tax bill for the area.
Property Tax Assessment Values Across Long Lake, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Long Lake Assessed Value
$649,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Long Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55356 | $308,000 | $391,000 | $649,000 | $1,024,000 | $1,767,600 |
Source: Ownwell
Property Tax Bills Across Long Lake, Minnesota
In Long Lake, Hennepin County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $649,000, homeowners can expect varying tax bills depending on their property's assessed value and specific location within the county. Factors influencing the tax bill include property improvements, neighborhood changes, and market trends. For instance, tax bills in Long Lake range widely, with the 25th percentile at $4,126 and the 75th percentile reaching $11,294. The 90th percentile tax bill can be as high as $19,917. These variations can significantly impact homeowners, affecting their annual budgets and long-term financial planning. With the national median property tax rate at 0.99%, the rates in Long Lake reflect a considerable investment in local infrastructure and community services.
Average Long Lake Tax Bill
$6,947
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55356 | $3,277 | $4,126 | $6,947 | $11,294 | $19,917 |
Source: Ownwell