Lester Prairie, Minnesota Property Taxes
The median property tax rate in Lester Prairie, MN is 1.29%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lester Prairie at $24,300, the typical annual property tax bill reaches $490, which is below the national median of $2,690. Property taxes in Lester Prairie 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 Lester Prairie'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 Lester Prairie 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
Lester Prairie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$313
Ownwell’s Lester Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lester Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lester Prairie 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 Lester Prairie, Minnesota
Property taxes in Lester Prairie, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lester Prairie is 1.29%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lester Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lester Prairie 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 Lester Prairie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55354 zip code has the highest median property tax rate of 1.29%, while the 55354 zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Lester Prairie provides valuable insights into the varying tax landscape across McLeod County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lester Prairie Tax Rate
1.29%
Average Mcleod County Tax Rate
1.47%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lester Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55354 | 0.86% | 0.97% | 1.29% | 1.86% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Lester Prairie, Minnesota
In Lester Prairie, 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 McLeod 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 Lester Prairie, 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. 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 Lester Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $24,300. The highest and lowest median tax bills are both $490, found in the 55354 zip code.
Average Lester Prairie Assessed Value
$24,300
Average Mcleod County Assessed Value
$25,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lester Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55354 | $4,400 | $11,900 | $24,300 | $50,450 | $126,440 |
Source: Ownwell
Property Tax Bills Across Lester Prairie, Minnesota
In Lester Prairie, located in McLeod County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the assessed value, including the property's size, location, and any improvements made. For homeowners in Lester Prairie, the median home price is $24,300. Tax bills can vary significantly; at the 25th percentile, the tax bill is around $186, while at the 75th percentile, it reaches approximately $682. At the 90th percentile, homeowners might see tax bills as high as $1,748. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. These property taxes are crucial for funding public services such as schools, infrastructure, and emergency services, directly impacting community quality and homeowners' financial planning.
Average Lester Prairie Tax Bill
$490
Average Mcleod County Tax Bill
$460
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lester Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55354 | $49 | $186 | $490 | $682 | $1,748 |
Source: Ownwell