Lengby, Minnesota Property Taxes
The median property tax rate in Lengby, MN is 1.17%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lengby, the typical annual property tax bill reaches $1,219, which is below the national median of $2,690. Property taxes in Lengby are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lengby'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 Lengby or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lengby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,300
Ownwell's Lengby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lengby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lengby 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 Lengby, Minnesota
Property taxes in Lengby, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lengby is 1.17%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lengby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lengby 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 Lengby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56651 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Lengby provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lengby Tax Rate
1.17%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lengby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56651 | 0.61% | 1.03% | 1.17% | 1.35% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Lengby, Minnesota
In Lengby, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Polk 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 Lengby, 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 Lengby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,219 in the 56651 zip code, which is also the lowest, illustrating a uniform tax landscape.
Average Lengby Assessed Value
$111,100
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lengby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56651 | $36,980 | $64,800 | $111,100 | $187,500 | $264,900 |
Source: Ownwell
Property Tax Bills Across Lengby, Minnesota
In Lengby, located in Polk County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Lengby stands at $111,100. Property taxes are calculated by multiplying this assessed value by the local tax rate. For example, the tax bill for a home in the 25th percentile is around $772, while homes in the 75th percentile face a tax bill of approximately $1,889. For properties in the 90th percentile, the tax bill can reach up to $2,610. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the specific rates set by local taxing authorities. Homeowners in Lengby may find their property taxes higher or lower than the national median property tax rate of 0.99%, depending on these factors. Understanding these elements can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Lengby Tax Bill
$1,219
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lengby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56651 | $419 | $772 | $1,219 | $1,889 | $2,610 |
Source: Ownwell