Lamberton, Minnesota Property Taxes
The median property tax rate in Lamberton, MN is 1.71%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lamberton at $80,750, the typical annual property tax bill reaches $1,244, exceeding the national median of $2,690. Property taxes in Lamberton 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 Lamberton'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 Lamberton 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
Lamberton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$1,381
Ownwell’s Lamberton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamberton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamberton 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 Lamberton, Minnesota
Property taxes in Lamberton, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamberton is 1.71%, significantly higher than the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lamberton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamberton 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 Lamberton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56152 has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Lamberton provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamberton Tax Rate
1.71%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamberton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56152 | 0.65% | 1.23% | 1.71% | 2.40% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Lamberton, Minnesota
In Lamberton, 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 Redwood 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 Lamberton, 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 Lamberton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lamberton is $80,750, with tax bills ranging from $738 at the 25th percentile to $3,814 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,244 in zip code 56152.
Average Lamberton Assessed Value
$80,750
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamberton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56152 | $10,390 | $45,700 | $80,750 | $146,450 | $254,940 |
Source: Ownwell
Property Tax Bills Across Lamberton, Minnesota
In Lamberton, Redwood County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Lamberton is $80,750. The local property tax rate, while not explicitly stated, can be inferred from the median tax bill data. Homeowners in the 25th percentile pay around $738 annually, while those in the 75th percentile face a tax bill of approximately $2,146. At the 90th percentile, property taxes can reach up to $3,814. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and local government budgets influence the assessed value, and consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Lamberton’s property taxes can be considered moderate. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations and long-term property investment strategies.
Average Lamberton Tax Bill
$1,244
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamberton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56152 | $302 | $738 | $1,244 | $2,146 | $3,814 |
Source: Ownwell