Side Lake, Minnesota Property Taxes
The median property tax rate in Side Lake, MN is 0.81%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Side Lake, the typical annual property tax bill reaches $1,413, well below the national median of $2,690. Property taxes in Side Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Side 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 Side 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
Side Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,566
Ownwell’s Side Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Side Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Side 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 Side Lake, Minnesota
Property taxes in Side Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Side Lake is 0.81%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Side Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Side 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 Side Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55781 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Side Lake provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Side Lake Tax Rate
0.81%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Side Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55781 | 0.65% | 0.74% | 0.81% | 0.82% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Side Lake, Minnesota
In Side 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 Itasca 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 Side 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 Side Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Side Lake are both $1,413, found in the 55781 zip code.
Average Side Lake Assessed Value
$193,350
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Side Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55781 | $45,290 | $118,450 | $193,350 | $284,075 | $396,180 |
Source: Ownwell
Property Tax Bills Across Side Lake, Minnesota
In Side Lake, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your property. This value is then multiplied by the local tax rate to calculate your annual tax bill. For homeowners in Side Lake, within Itasca County, the median home price is $193,350. The tax bills can vary significantly, with the 25th percentile paying around $906 and the 75th percentile facing bills up to $2,183. At the 90th percentile, tax bills can reach as high as $2,986. The median tax bill in the area, particularly in the 55781 zip code, stands at $1,413, which is higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure, impacting the overall quality of life for homeowners in Side Lake.
Average Side Lake Tax Bill
$1,413
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Side Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55781 | $352 | $906 | $1,413 | $2,183 | $2,986 |
Source: Ownwell