Lake Of The Woods County Property Taxes
The median property tax rate in Lake of the Woods is 0.75%, which is lower than both the national median of 0.99% and Minnesota's state median of 1.11%. With the median home value in Lake of the Woods at $104,200, the typical annual property tax bill is approximately $794, significantly less than the national median of $2,690. Property taxes in Lake of the Woods are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lake of the Woods' specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Baudette or another part of Lake of the Woods, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Of The Woods County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$782
Ownwell’s Lake of the Woods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lake of the Woods with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lake of the Woods to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lake Of The Woods County, Minnesota
Property taxes in Lake of the Woods play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lake of the Woods is 0.75%, which is lower than the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lake of the Woods set these rates annually, and they can vary significantly between different areas within the county. Each year, Lake of the Woods estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lake of the Woods' effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Roosevelt has one of the higher property tax rates in Minnesota at 0.85%, while the city of Oak Island boasts one of the lowest at 0.71%. Analyzing how Lake of the Woods' tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lake Of The Woods County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Of The Woods County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Angle Inlet | 0.57% | 0.64% | 0.74% | 0.79% | 0.89% |
| Baudette | 0.57% | 0.67% | 0.75% | 0.90% | 1.10% |
| Oak Island | 0.58% | 0.63% | 0.71% | 0.80% | 1.06% |
| Roosevelt | 0.72% | 0.78% | 0.85% | 0.89% | 1.00% |
| Warroad | 0.69% | 0.73% | 0.75% | 0.77% | 0.80% |
| Williams | 0.63% | 0.71% | 0.77% | 0.88% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lake Of The Woods County, Minnesota
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Lake of the Woods. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lake of the Woods Appraisal District. The assessed value, however, 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 in Lake of the Woods are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Lake of the Woods will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Lake of the Woods, Warroad has the highest median tax bill at $1,910, while Williams has the lowest at $658.
Property Tax Assessment Values Across Lake Of The Woods County, Minnesota
Source: Ownwell
$79,500
$163,825
$248,150
Average Lake Of The Woods County Assessed Value
$104,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Of The Woods County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Angle Inlet | $12,500 | $41,200 | $129,000 | $219,950 | $329,500 |
| Baudette | $10,340 | $36,850 | $109,400 | $206,300 | $310,300 |
| Oak Island | $38,680 | $101,000 | $190,350 | $287,725 | $387,210 |
| Roosevelt | $14,860 | $40,500 | $93,700 | $139,875 | $204,090 |
| Warroad | $195,100 | $228,650 | $248,150 | $272,825 | $280,700 |
| Williams | $9,000 | $26,000 | $79,500 | $180,000 | $320,580 |
Source: Ownwell
Property Tax Bills Across Lake Of The Woods County, Minnesota
In Lake of the Woods 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, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and any improvements can influence the assessed value. For homeowners in Lake of the Woods County, the tax bills can vary significantly. The 25th percentile of tax bills is around $280, while the 75th percentile reaches up to $1546. The 90th percentile can go as high as $2434. Comparatively, the highest median tax bill in the county is in Warroad, at $1910, while the lowest is in Williams, at $658. These variations can impact homeowners differently, with those in higher-tax areas potentially facing more substantial financial obligations compared to those in lower-tax areas.
Average Lake Of The Woods County Tax Bill
$794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Of The Woods County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Angle Inlet | $94 | $274 | $860 | $1,604 | $2,578 |
| Baudette | $86 | $270 | $855 | $1,642 | $2,512 |
| Oak Island | $303 | $646 | $1,253 | $2,224 | $2,875 |
| Roosevelt | $128 | $374 | $771 | $1,188 | $1,582 |
| Warroad | $1,390 | $1,715 | $1,910 | $2,138 | $2,168 |
| Williams | $75 | $254 | $658 | $1,370 | $2,276 |
Source: Ownwell