Lyon County, Minnesota Property Taxes

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Lyon County's effective property tax rate to other counties in Minnesota or the U.S. median property tax rate.

In Lyon County, the median property tax rate stands at 1.21%, which is above the national median of 1.02%. Within Minnesota, Tracy has the highest median tax rate at 1.65%, while Tyler has the lowest at 0.60%. Understanding these variations is crucial for property owners looking to optimize their tax liabilities. By comparing these rates, property owners can make informed decisions about their investments and potential savings through property tax appeals and exemptions.

In Lyon County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Lyon County is $158,500, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Lyon County can expect a varied tax bill depending on several factors, including the assessed value of their property and the specific rates set by local taxing authorities.

The median property tax bill in Lyon County is notably lower than the national median, reflecting an affordable cost of living for homeowners. Those in the 25th percentile pay around $900, while those in the 75th percentile pay approximately $2,758. At the 90th percentile, the tax bill can reach $3,847. Marshall has the highest median tax bill at $2,194, whereas Taunton has the lowest at $522. These differences highlight how local factors and property values influence tax bills, impacting homeowners' financial planning and budgeting.