Prior Lake, Minnesota Property Taxes
The median property tax rate in Prior Lake, MN is 0.99%, aligning with the national median of 0.99% but slightly lower than the Minnesota state median of 1.11%. With a median home value of $445,050 in Prior Lake, the typical annual property tax bill reaches $4,256, significantly exceeding the national median of $2,690. Property taxes in Prior Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prior 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 Prior 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
Prior Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$4,406
Ownwell’s Prior Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prior Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prior 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 Prior Lake, Minnesota
Property taxes in Prior Lake, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prior Lake is 1.18%, higher than both the Minnesota state median of 1.08% and the U.S. national median of 0.99%. Local government entities within Prior Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prior 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 Prior Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55372 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Prior Lake provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prior Lake Tax Rate
0.99%
Average Scott County Tax Rate
1.07%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prior Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55372 | 0.81% | 0.94% | 0.99% | 1.03% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Prior Lake, Minnesota
In Prior 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 Scott 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 Prior 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 Prior Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55372 has the highest and lowest median tax bill at $4,256, reflecting the median home price of $445,050 in the region.
Average Prior Lake Assessed Value
$445,050
Average Scott County Assessed Value
$388,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prior Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55372 | $270,500 | $339,300 | $445,050 | $619,800 | $909,900 |
Source: Ownwell
Property Tax Bills Across Prior Lake, Minnesota
Property tax bills in Prior Lake, located in Scott County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the home. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. In Prior Lake, the median home price stands at $445,050, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $3,230 annually, while those in the 75th percentile see bills closer to $5,968. For the top 10% of homeowners, tax bills can reach up to $9,190. Compared to the national median property tax rate of 0.99%, Prior Lake's property taxes reflect the region's specific economic conditions and property values. Higher property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Prior Lake Tax Bill
$4,256
Average Scott County Tax Bill
$4,100
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Prior Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55372 | $2,380 | $3,230 | $4,256 | $5,968 | $9,190 |
Source: Ownwell