Lake County, Minnesota Property Taxes

Name: Property Tax Bills Across Lake County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake County effective property tax rate: 0.59%, significantly lower than the national median of 1.02%.
Median Lake County home value: $222,300
Median annual Lake County tax bill: $1,364, $1,036 lower than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

Property taxes in Lake County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Two Harbors or another part of Lake County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.59%

Estimate Property Tax Bill

$1,312

$1,217

Ownwell’s Lake County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake County with just two data points. By entering your property's estimated assessed value, our calculator applies Lake County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Lake County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake County, Minnesota

Local government entities are responsible for setting property tax rates, which can vary significantly within Minnesota. Each county annually estimates its budget to fund essential services, dividing this amount by the total value of all taxable properties within its borders to determine the property tax rate. While laws and votes play a role in shaping these rates and budgets, this is the fundamental process followed each year.

In Lake County, the effective property tax rate is lower than the national median of 1.02%. The highest median tax rate in the county is found in Beaver Bay at 1.04%, while Brimson enjoys the lowest at 0.48%. This variation highlights the differences in tax rates even within a single county. When compared to the national median property tax bill of $2,400, Lake County's rates offer a more affordable option for property owners. Understanding these rates can help residents make informed decisions about property investments and financial planning.

Property Tax Rates Across Lake County, Minnesota

Source: Ownwell

0.48%

0.76%

1.04%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lake County Tax Rate

0.59%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake County, Minnesota

City	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
Beaver Bay	0.50%	0.71%	1.04%	1.27%	1.50%
Brimson	0.22%	0.34%	0.48%	0.52%	0.58%
Ely	0.37%	0.49%	0.58%	0.66%	0.74%
Finland	0.23%	0.36%	0.50%	0.61%	0.74%
Isabella	0.30%	0.43%	0.55%	0.65%	0.75%
Knife River	0.30%	0.42%	0.50%	0.60%	0.69%
Silver Bay	0.32%	0.43%	0.58%	0.79%	1.06%
Two Harbors	0.38%	0.47%	0.64%	0.83%	1.00%
Winton	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Lake County, Minnesota

When examining property taxes in Lake County, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Lake County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Lake County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake County. For example, the median tax bill in Lake County is $1,947, with tax bills ranging significantly across the county. Knife River has the highest median home price at $378,350.

Property Tax Assessment Values Across Lake County, Minnesota

Source: Ownwell

$106,100

$242,225

$378,350

Median Lake County Market Value

$222,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake County, Minnesota

City	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
Beaver Bay	$20,130	$128,225	$227,000	$507,325	$609,750
Brimson	$40,100	$71,500	$106,100	$193,300	$254,240
Ely	$87,900	$191,150	$342,600	$533,850	$783,100
Finland	$44,440	$84,500	$166,700	$307,000	$452,820
Isabella	$34,300	$75,900	$152,000	$247,100	$386,120
Knife River	$99,550	$256,100	$378,350	$582,425	$750,000
Silver Bay	$84,460	$137,500	$171,200	$246,600	$408,620
Two Harbors	$50,200	$150,900	$239,400	$394,400	$604,200
Winton	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Lake County, Minnesota

In Lake 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 annual tax bill. The tax rate is influenced by the budgetary needs of local government services such as schools, infrastructure, and emergency services. Homeowners in Lake County experience a range of tax bills, with the 25th percentile at $663 and the 75th percentile reaching $2,282. The 90th percentile tax bill can be as high as $3,624. Comparatively, the national median property tax bill is $2,400, indicating that some homeowners in Lake County pay below or around the national average, while others pay significantly more. The highest median tax bill in the county is found in Beaver Bay at $1,947, whereas Brimson has the lowest at $482. These variations can significantly impact homeowners, affecting their financial planning and the overall affordability of owning a home in the area.

Property Tax Bills Across Lake County, Minnesota

Source: Ownwell

$482

$1,215

$1,947

Median Lake County Tax Bill

$1,364

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake County, Minnesota

City	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
Beaver Bay	$185	$969	$1,947	$5,495	$7,035
Brimson	$114	$280	$482	$659	$944
Ely	$419	$1,035	$1,916	$3,022	$4,348
Finland	$157	$394	$778	$1,430	$2,201
Isabella	$166	$370	$789	$1,357	$1,972
Knife River	$468	$1,030	$1,835	$2,962	$4,343
Silver Bay	$363	$585	$1,063	$1,758	$2,839
Two Harbors	$356	$793	$1,499	$2,367	$3,641
Winton	N/A	N/A	N/A	N/A	N/A

Source: Ownwell