Round Lake, Minnesota Property Taxes
The median property tax rate in Round Lake, MN is 1.23%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Round Lake at $81,350, the typical annual property tax bill reaches $934, which is still below the national median of $2,690. Property taxes in Round 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 Round 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 Round Lake 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
Round Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,001
Ownwell’s Round Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Round Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Round 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 Round Lake, Minnesota
Property taxes in Round Lake, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Lake is 1.23%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Round Lake set these rates annually, and they can vary across different neighborhoods. Each year, Round 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 Round Lake's effective property tax rate to other areas in Nobles County and the national median. For comparison, the zip code 56167 has both the highest and lowest median property tax rate of 1.23%. Understanding how these areas compare with Round Lake provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Round Lake Tax Rate
1.23%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Round Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56167 | 0.93% | 1.09% | 1.23% | 1.44% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Round Lake, Minnesota
In ROUND LAKE, 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 local 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 ROUND LAKE, 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 ROUND LAKE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in this area is $934.00 in zip code 56167, while the lowest median tax bill is also $934.00 in the same zip code.
Average Round Lake Assessed Value
$81,350
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Round Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56167 | $8,240 | $52,925 | $81,350 | $110,275 | $155,640 |
Source: Ownwell
Property Tax Bills Across Round Lake, Minnesota
In Round Lake, MN, property tax bills are calculated by assessing the value of a home and applying the local tax rate. The assessed value is determined by the county and reflects the market value of the property. Various factors such as home size, location, and market conditions influence this valuation. Homeowners in Round Lake pay property taxes based on this assessed value. For instance, with a median home price of $81,350, property tax bills can range significantly. At the 25th percentile, tax bills are around $583, while at the 75th percentile, they can reach $1,430. For those in the 90th percentile, tax bills can be as high as $2,014. These taxes fund local services such as schools, infrastructure, and emergency services, directly impacting community quality. Compared to the national median property tax rate of 0.99%, Round Lake's tax rates reflect the local economic conditions and funding needs, ensuring essential services are maintained for residents.
Average Round Lake Tax Bill
$934
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Round Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56167 | $116 | $583 | $934 | $1,430 | $2,014 |
Source: Ownwell