Laporte, Minnesota Property Taxes
The median property tax rate in Laporte, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $234,700 in Laporte, the typical annual property tax bill amounts to $1,698, falling below the national median of $2,690. Property taxes in Laporte are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By gaining a thorough understanding of Laporte's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you reside in the heart of Laporte or another part of the city, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Laporte, 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 LAPORTE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAPORTE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAPORTE 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 Laporte, Minnesota
Property taxes in LaPorte, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LaPorte is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within LaPorte set these rates annually, and they can vary significantly across different neighborhoods. Each year, LaPorte 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 LaPorte's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56461 has both the highest and lowest median property tax rate of 0.76%, illustrating the uniformity within the area. Understanding how these cities compare with LaPorte provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laporte Tax Rate
0.76%
Average Hubbard County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laporte, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56461 | 0.59% | 0.69% | 0.76% | 0.79% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Laporte, Minnesota
In Laporte, 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 Hubbard 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 Laporte, 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. For instance, the median home price in Laporte is $234,700, with tax bills ranging from $951 at the 25th percentile to $3,822 at the 90th percentile. The zip code 56461 has both the highest and lowest median tax bill, valued at $1,698. Being aware of these valuation processes in Laporte helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laporte Assessed Value
$234,700
Average Hubbard County Assessed Value
$236,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laporte, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56461 | $64,580 | $135,000 | $234,700 | $356,700 | $513,700 |
Source: Ownwell
Property Tax Bills Across Laporte, Minnesota
In Laporte, located in Hubbard 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 and is meant to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Factors that influence the tax bill include the property's location, size, and any improvements made to the property. For example, the median home price in Laporte is $234,700. Homeowners in the 25th percentile can expect a tax bill around $951, while those in the 75th percentile might see a bill of approximately $2,618. At the 90th percentile, the tax bill can rise to $3,822. These property taxes contribute to essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Laporte's property tax rates reflect the local economic conditions and funding needs.
Average Laporte Tax Bill
$1,698
Average Hubbard County Tax Bill
$1,832
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Laporte, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56461 | $476 | $951 | $1,698 | $2,618 | $3,822 |
Source: Ownwell