Wood Lake, Minnesota Property Taxes
The median property tax rate in Wood Lake, MN is 0.75%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wood Lake, the typical annual property tax bill amounts to $3,111, surpassing the national median of $2,690. Property taxes in Wood Lake 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 Wood Lake'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 Wood Lake or another part of Lyon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wood Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$3,126
Ownwell’s Wood Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood Lake 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 Wood Lake, Minnesota
Property taxes in Wood Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood Lake is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Wood Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood Lake 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 Wood Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56297 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these rates compare with Wood Lake 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 Wood Lake Tax Rate
0.75%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56297 | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Wood Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wood Lake, Minnesota. The market value represents 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 Assessor's Office 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. Assessment notices in Wood Lake 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 Wood Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,111 in the 56297 zip code, reflecting the local property tax dynamics.
Average Wood Lake Assessed Value
$416,750
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 Wood Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56297 | $365,430 | $384,675 | $416,750 | $448,825 | $468,070 |
Source: Ownwell
Property Tax Bills Across Wood Lake, Minnesota
In Wood Lake, Lyon 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 local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $416,750, the tax bills in Wood Lake range from $2,862 at the 25th percentile to $3,509 at the 90th percentile. The median property tax bill in the area is $3,111. This is significantly higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding requirements for public services. Homeowners in Wood Lake should be aware that these tax bills can significantly impact their annual expenses. Understanding how these taxes are calculated can help homeowners plan better and potentially explore avenues for property tax appeals or exemptions.
Average Wood Lake Tax Bill
$3,111
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56297 | $2,713 | $2,862 | $3,111 | $3,360 | $3,509 |
Source: Ownwell