Balaton, Minnesota Property Taxes
The median property tax rate in Balaton, MN is 1.50%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Balaton at $79,000, the typical annual property tax bill reaches $1,104, exceeding the national median of $2,690. Property taxes in Balaton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Balaton'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 Balaton 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
Balaton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$1,185
Ownwell’s Balaton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Balaton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Balaton to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by Lyon County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Balaton, Minnesota
Property taxes in Balaton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Balaton is 1.50%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Balaton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balaton 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 Balaton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56115 has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Balaton provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balaton Tax Rate
1.50%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | 0.57% | 0.80% | 1.50% | 2.14% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Balaton, Minnesota
In Balaton, 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 Lyon 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 Balaton, 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. The median home price in Balaton is $79,000, and the property tax bills range significantly. For instance, the 25th percentile tax bill is $604, while the 75th percentile tax bill is $1,906. The highest median tax bill is found in the 56115 zip code, amounting to $1,104. By understanding 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 Balaton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Balaton Assessed Value
$79,000
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 Balaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | $9,100 | $41,500 | $79,000 | $179,075 | $312,800 |
Source: Ownwell
Property Tax Bills Across Balaton, Minnesota
In Balaton, located in Lyon County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the final tax bill. The median home price in Balaton is $79,000, and the property tax rate in Lyon County closely aligns with the national median rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and condition. For example, the tax bill for the 25th percentile is $604, while the 75th percentile sees a tax bill of $1,906, and the 90th percentile reaches up to $3,368. These variations highlight how different property characteristics can significantly impact the tax burden. For homeowners, understanding these factors is crucial as property taxes are a significant part of homeownership costs. Higher assessed values and tax rates can lead to substantial annual expenses, affecting overall affordability and financial planning.
Average Balaton Tax Bill
$1,104
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Balaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | $115 | $604 | $1,104 | $1,906 | $3,368 |
Source: Ownwell