Lyle, Minnesota Property Taxes
The median property tax rate in Lyle, MN is 1.24%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lyle, the typical annual property tax bill reaches $1,852, exceeding the national median of $2,690. Property taxes in Lyle 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 Lyle'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 Lyle 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
Lyle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,840
Ownwell’s Lyle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyle 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 Lyle, Minnesota
Property taxes in Lyle, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyle is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lyle set these rates annually, and they can vary across different neighborhoods. Each year, Lyle 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 Lyle's effective property tax rate to other areas in Mower County and the national median. For comparison, the 55953 zip code has the same median property tax rate of 1.24%. Understanding how these areas compare with Lyle provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyle Tax Rate
1.24%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55953 | 0.45% | 1.11% | 1.24% | 1.41% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Lyle, Minnesota
In Lyle, Minnesota, understanding the distinction between "market value" and "assessed value" is essential for grasping 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 Mower 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 Lyle, 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. For example, the median home price in Lyle is $148,400, with the 25th percentile tax bill at $1,100 and the 75th percentile tax bill at $2,854. The highest and lowest median tax bills are both $1,852 in the zip code 55953. Understanding these processes can help identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lyle Assessed Value
$148,400
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55953 | $42,700 | $90,950 | $148,400 | $265,300 | $572,040 |
Source: Ownwell
Property Tax Bills Across Lyle, Minnesota
In Lyle, located in Mower 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 officials who evaluate the market value of the property. Once the market value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Lyle, the median home price is $148,400. Property tax bills can vary significantly, with the 25th percentile paying around $1,100, while those in the 75th percentile face bills as high as $2,854. The 90th percentile sees even higher bills, reaching up to $4,197. The highest median tax bill in the area is $1,852, which is notably higher than the national median property tax rate of 0.99%. These variations in tax bills can significantly impact homeowners, influencing their overall housing costs and potentially their decisions regarding property investments in the area.
Average Lyle Tax Bill
$1,852
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55953 | $513 | $1,100 | $1,852 | $2,854 | $4,197 |
Source: Ownwell