Bingham Lake, Minnesota Property Taxes
The median property tax rate in Bingham Lake, MN is 0.70%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bingham Lake, the typical annual property tax bill reaches $1,350, significantly under the national median of $2,690. Property taxes in Bingham 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 Bingham 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 Bingham 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
Bingham Lake, 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 Bingham Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bingham Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bingham 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 Bingham Lake, Minnesota
Property taxes in Bingham Lake, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bingham Lake is 0.70%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bingham Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bingham 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 Bingham Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56118 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Bingham Lake provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bingham Lake Tax Rate
0.70%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bingham Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56118 | 0.27% | 0.40% | 0.70% | 0.86% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Bingham Lake, Minnesota
In Bingham 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 Jackson 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. 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 Bingham 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 the area both stand at $1,350, with the zip code 56118 reflecting this value.
Property Tax Assessment Values Across Bingham Lake, Minnesota
Source: Ownwell
$2,400
$632,325
$1,262,250
Average Bingham Lake Assessed Value
$200,550
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bingham Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56118 | $105,030 | $154,875 | $200,550 | $397,250 | $746,540 |
Source: Ownwell
Property Tax Bills Across Bingham Lake, Minnesota
In Bingham Lake, located in Jackson County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $200,550. Property taxes are determined by multiplying the assessed value by the local tax rate. For homeowners in Bingham Lake, the tax bill can vary significantly. For example, tax bills at the 25th percentile are around $1,008, while those at the 75th percentile can reach up to $2,452. At the 90th percentile, homeowners might see tax bills as high as $3,128. These variations are influenced by factors such as property location, improvements, and market conditions. The local tax rate in Jackson County is relatively competitive when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax obligations and budget accordingly. The highest and lowest median tax bills in the area both stand at $1,350, indicating a consistent tax environment in the 56118 zip code.
Average Bingham Lake Tax Bill
$1,350
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bingham Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56118 | $508 | $1,008 | $1,350 | $2,452 | $3,128 |
Source: Ownwell