Finland, Minnesota Property Taxes
The median property tax rate in Finland, MN is 0.50%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Finland, the typical annual property tax bill reaches $778, well below the national median of $2,690. Property taxes in Finland 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 Finland'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 Finland 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
Finland, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$834
Ownwell’s Finland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Finland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Finland 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 Finland, Minnesota
Property taxes in Finland, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Finland is 0.50%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Finland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Finland 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 Finland's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55603 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Finland provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Finland Tax Rate
0.50%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Finland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55603 | 0.23% | 0.36% | 0.50% | 0.61% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Finland, Minnesota
In Finland, 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 Lake 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 Finland, 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 Finland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $778.00 in the 55603 zip code.
Average Finland Assessed Value
$166,700
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Finland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55603 | $44,440 | $84,500 | $166,700 | $307,000 | $452,820 |
Source: Ownwell
Property Tax Bills Across Finland, Minnesota
In Finland, located in Lake 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. Factors such as the size of the property, its location, and any improvements made can influence this assessed value. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For example, with a median home price of $166,700, homeowners in Finland can expect to pay anywhere from $394 at the 25th percentile to $2,201 at the 90th percentile in property taxes annually. The median tax bill in Finland stands at $778, which is lower than the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners should stay informed about their property's assessed value and any changes in local tax rates to manage their annual tax obligations effectively.
Average Finland Tax Bill
$778
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Finland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55603 | $157 | $394 | $778 | $1,430 | $2,201 |
Source: Ownwell