Lyon County Property Taxes
The median property tax rate in Lyon County is 1.21%, which is significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $158,500 in Lyon County, the typical annual property tax bill reaches $1,794, which is lower than the national median of $2,690. Property taxes in Lyon County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lyon County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Marshall or another part of Lyon County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lyon County 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 Lyon County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyon County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lyon County 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 Lyon County, Minnesota
Property taxes in Lyon County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lyon County is 1.21%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lyon County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lyon County 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 Lyon County's effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Tracy has one of the higher property tax rates in Minnesota at 1.65%, while the city of Tyler boasts one of the lowest at 0.60%. Analyzing how Lyon County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyon County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arco | 0.45% | 0.59% | 0.83% | 1.07% | 1.22% |
| Balaton | 0.57% | 0.80% | 1.50% | 2.14% | 2.37% |
| Cottonwood | 0.70% | 1.02% | 1.24% | 1.41% | 1.75% |
| Garvin | 0.56% | 0.63% | 1.48% | 1.86% | 2.70% |
| Ghent | 0.60% | 0.98% | 1.22% | 1.48% | 1.70% |
| Lynd | 0.57% | 0.73% | 1.02% | 1.20% | 1.35% |
| Marshall | 0.72% | 1.08% | 1.18% | 1.29% | 1.45% |
| Milroy | 0.57% | 0.65% | 0.77% | 0.82% | 0.82% |
| Minneota | 0.75% | 1.04% | 1.25% | 1.44% | 1.60% |
| Russell | 0.59% | 0.81% | 1.05% | 1.38% | 1.74% |
| Ruthton | N/A | N/A | N/A | N/A | N/A |
| Taunton | 0.68% | 0.82% | 0.91% | 1.29% | 1.49% |
| Tracy | 0.63% | 1.31% | 1.65% | 2.04% | 2.45% |
| Tyler | 0.37% | 0.49% | 0.60% | 0.81% | 0.91% |
| Wood Lake | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Lyon County, Minnesota
In Lyon County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. 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 Lyon County 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 Lyon County 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. For example, Wood Lake has the highest median tax bill at $3,111, while Taunton has the lowest at $522. Being aware of these valuation processes in Lyon County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyon County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arco | $243,070 | $248,575 | $257,750 | $266,925 | $272,430 |
| Balaton | $9,100 | $41,500 | $79,000 | $179,075 | $312,800 |
| Cottonwood | $11,300 | $87,100 | $164,500 | $261,300 | $375,300 |
| Garvin | $2,620 | $25,950 | $50,100 | $186,350 | $291,920 |
| Ghent | $43,420 | $98,750 | $161,000 | $220,075 | $317,930 |
| Lynd | $6,280 | $56,800 | $147,000 | $340,500 | $507,280 |
| Marshall | $63,700 | $125,300 | $193,700 | $267,550 | $353,420 |
| Milroy | $64,250 | $148,525 | $258,100 | $399,550 | $499,550 |
| Minneota | $7,120 | $57,850 | $131,750 | $201,525 | $285,020 |
| Russell | $6,600 | $57,900 | $111,100 | $206,200 | $320,900 |
| Ruthton | N/A | N/A | N/A | N/A | N/A |
| Taunton | $1,700 | $14,900 | $54,400 | $107,200 | $217,240 |
| Tracy | $10,420 | $45,900 | $86,700 | $135,700 | $208,280 |
| Tyler | $101,900 | $174,050 | $267,200 | $407,600 | $451,200 |
| Wood Lake | $365,430 | $384,675 | $416,750 | $448,825 | $468,070 |
Source: Ownwell
Property Tax Bills Across Lyon County, Minnesota
In Lyon County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value reflects the market value of the property and is used to calculate the tax bill. The local tax rate is then applied to this assessed value. Various factors influence the final tax bill, including local government budgets, school district levies, and special assessments for services such as road maintenance and public safety. For homeowners in Lyon County, the tax bill can vary significantly. The 25th percentile tax bill is around $900, while the 75th percentile reaches $2,758. At the higher end, the 90th percentile tax bill is $3,847. The city of Wood Lake has the highest median tax bill at $3,111, whereas Taunton has the lowest at $522. Compared to the national median property tax rate of 0.99%, Lyon County offers a diverse range of tax obligations, impacting homeowners differently based on their property's assessed value and location within the county.
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyon County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arco | $1,119 | $1,538 | $2,236 | $2,934 | $3,353 |
| Balaton | $115 | $604 | $1,104 | $1,906 | $3,368 |
| Cottonwood | $225 | $880 | $1,819 | $2,922 | $4,815 |
| Garvin | $51 | $406 | $808 | $1,231 | $2,235 |
| Ghent | $530 | $1,002 | $1,614 | $2,669 | $3,474 |
| Lynd | $92 | $536 | $1,312 | $3,174 | $5,504 |
| Marshall | $654 | $1,394 | $2,194 | $3,018 | $4,004 |
| Milroy | $329 | $924 | $1,832 | $3,102 | $4,080 |
| Minneota | $116 | $679 | $1,498 | $2,336 | $3,344 |
| Russell | $88 | $594 | $1,126 | $1,854 | $2,644 |
| Ruthton | N/A | N/A | N/A | N/A | N/A |
| Taunton | $24 | $224 | $522 | $862 | $1,473 |
| Tracy | $190 | $701 | $1,264 | $2,073 | $3,103 |
| Tyler | $382 | $755 | $2,068 | $2,382 | $2,968 |
| Wood Lake | $2,713 | $2,862 | $3,111 | $3,360 | $3,509 |
Source: Ownwell