Lucan, Minnesota Property Taxes
The median property tax rate in Lucan, MN is 1.50%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lucan, the typical annual property tax bill reaches $1,295, which is below the national median of $2,690. Property taxes in Lucan 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 Lucan'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 Lucan or another part of Redwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lucan, 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 Lucan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lucan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lucan 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 Lucan, Minnesota
Property taxes in Lucan, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lucan is 1.50%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lucan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lucan 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 Lucan's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56255 zip code has both the highest and lowest median property tax rate of 1.50%. Understanding how these cities compare with Lucan 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 Lucan Tax Rate
1.50%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lucan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56255 | 0.56% | 0.85% | 1.50% | 1.92% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Lucan, Minnesota
In Lucan, 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 Lucan, 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 Lucan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lucan is $1295 in the 56255 zip code, while the lowest is also $1295 in the same zip code.
Average Lucan Assessed Value
$109,650
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 Lucan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56255 | $18,200 | $64,100 | $109,650 | $182,800 | $320,350 |
Source: Ownwell
Property Tax Bills Across Lucan, Minnesota
Property tax bills in Lucan, located in Redwood County, MN, are determined by applying the local tax rate to the assessed value of a property. The assessed value is an estimate of the property's market value, which is periodically evaluated by local assessors. Homeowners in Lucan typically face a median property tax bill of $1,295, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and market value. In Lucan, the 25th percentile of tax bills is $927, while the 75th percentile reaches up to $2,246, and the 90th percentile can go as high as $3,360. These variations highlight the impact of different property values and local tax rates on the overall tax burden. Higher property taxes can affect homeowners by increasing their annual expenses, which may influence decisions on property purchases and long-term investments.
Average Lucan Tax Bill
$1,295
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lucan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56255 | $392 | $927 | $1,295 | $2,246 | $3,360 |
Source: Ownwell