Lake Lillian, Minnesota Property Taxes
The median property tax rate in Lake Lillian, MN is 0.81%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lake Lillian, the typical annual property tax bill amounts to $1,948, falling below the national median of $2,690. Property taxes in Lake Lillian are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lake Lillian'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 Lake Lillian 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
Lake Lillian, 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 Lake Lillian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Lillian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Lillian 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 Lake Lillian, Minnesota
Property taxes in Lake Lillian, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Lillian is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Lillian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Lillian 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 Lake Lillian's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56253 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 cities compare with Lake Lillian provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Lillian Tax Rate
0.81%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Lillian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56253 | 0.40% | 0.71% | 0.81% | 0.89% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Lake Lillian, Minnesota
In Lake Lillian, 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 Kandiyohi 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 Lake Lillian, 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 Lake Lillian 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 are both $1,948, found in zip code 56253.
Property Tax Assessment Values Across Lake Lillian, Minnesota
Source: Ownwell
$150,200
$1,044,050
$1,937,900
Average Lake Lillian Assessed Value
$231,350
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Lillian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56253 | $72,200 | $141,475 | $231,350 | $360,975 | $748,900 |
Source: Ownwell
Property Tax Bills Across Lake Lillian, Minnesota
In Lake Lillian, Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Lake Lillian, the median home price is $231,350, which provides a baseline for understanding potential tax burdens. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners might pay different amounts depending on their eligibility for certain exemptions or relief programs. The tax bill for the 25th percentile is $1,294, while those in the 75th percentile pay around $2,842. At the 90th percentile, the tax bill can reach $4,637. Comparatively, Kandiyohi County’s highest and lowest median tax bills are both $1,948, suggesting a relatively consistent tax rate across the region. These property taxes impact homeowners by contributing to local services and infrastructure, but they can also be a significant financial consideration, especially when compared to the national median property tax rate of 0.99%.
Average Lake Lillian Tax Bill
$1,948
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Lillian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56253 | $687 | $1,294 | $1,948 | $2,842 | $4,637 |
Source: Ownwell