Moose Lake, Minnesota Property Taxes
The median property tax rate in Moose Lake, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $317,450 in Moose Lake, the typical annual property tax bill amounts to $2,347, falling below the national median of $2,690. Property taxes in Moose Lake are determined based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Moose Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Moose Lake or another part of Pine County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Moose Lake, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Moose Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moose Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moose 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 Moose Lake, Minnesota
Property taxes in Moose Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Moose Lake is 1.12%, higher than both the Minnesota state median of 1.07% and the U.S. national median of 0.99%. Local government entities within Moose Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moose 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 Moose Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, Pine County has the highest median property tax rate of 1.12%, while the lowest median tax rate is also found in Pine County at 1.12%. Understanding how these cities compare with Moose Lake provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moose Lake Tax Rate
0.76%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moose Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55767 | 0.64% | 0.68% | 0.76% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Moose Lake, Minnesota
In Moose 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 Pine 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 Moose 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. The median home price in Moose Lake is $317,450, with tax bills ranging from $1,044 at the 25th percentile to $4,168 at the 90th percentile. The zip code with the highest and lowest median tax bill is 55767, with a value of $2,347. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Moose Lake Assessed Value
$317,450
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moose Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55767 | $29,530 | $151,450 | $317,450 | $440,075 | $550,380 |
Source: Ownwell
Property Tax Bills Across Moose Lake, Minnesota
In Moose Lake, Pine 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 the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $317,450, homeowners might see varying tax bills depending on their specific property assessments and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. In Moose Lake, the 25th percentile of tax bills is around $1,044, while the 75th percentile reaches $3,283, and the 90th percentile can be as high as $4,168. Comparatively, the national median property tax rate is 0.99%. Homeowners in Moose Lake should be aware of these factors, as property taxes can significantly impact annual expenses and long-term financial planning.
Average Moose Lake Tax Bill
$2,347
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Moose Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55767 | $254 | $1,044 | $2,347 | $3,283 | $4,168 |
Source: Ownwell