Lakefield, Minnesota Property Taxes
The median property tax rate in Lakefield, MN is 1.14%, higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Lakefield of $129,100, the typical annual property tax bill reaches $1,393, which is below the national median of $2,690. Property taxes in Lakefield are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lakefield'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 Lakefield 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
Lakefield, 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 Lakefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakefield 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 Lakefield, Minnesota
Property taxes in Lakefield, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakefield is 1.14%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakefield 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 Lakefield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56150 zip code has the highest median property tax rate of 1.14%, while the 56150 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Lakefield 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 Lakefield Tax Rate
1.14%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakefield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56150 | 0.33% | 0.68% | 1.14% | 1.42% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Lakefield, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lakefield, Minnesota. 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 local 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 Lakefield, 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 highest median tax bill in Lakefield is $1,393, found in zip code 56150, which is the same as the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakefield Assessed Value
$129,100
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 Lakefield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56150 | $43,570 | $79,175 | $129,100 | $225,850 | $652,530 |
Source: Ownwell
Property Tax Bills Across Lakefield, Minnesota
In Lakefield, Jackson 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 reflects the market value of the property. For example, with a median home price of $129,100, homeowners can expect their property tax bill to vary significantly. Factors that influence the tax bill include the property's location, improvements made, and the local government's budget needs. In Lakefield, the tax bill at the 25th percentile is $820, while at the 75th percentile, it rises to $2,198. For those at the 90th percentile, the bill can reach up to $3,282. These taxes fund essential public services such as schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, Lakefield's rates can be quite variable, impacting homeowners' annual expenses and overall cost of living.
Average Lakefield Tax Bill
$1,393
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakefield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56150 | $476 | $820 | $1,393 | $2,198 | $3,282 |
Source: Ownwell