Clear Lake, Minnesota Property Taxes
The median property tax rate in Clear Lake, MN is 0.85%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clear Lake at $302,450, the typical annual property tax bill reaches $2,986, slightly above the national median of $2,690. Property taxes in Clear Lake 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 Clear 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 Clear 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
Clear Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,571
Ownwell’s Clear Lake Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Clear Lake using just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Clear Lake to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Clear Lake, Minnesota
Property taxes in Clear Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clear Lake is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Clear Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clear 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 Clear Lake's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55319 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Clear Lake provides valuable insights into the varying tax landscape across Sherburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clear Lake Tax Rate
0.85%
Average Sherburne County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clear Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55319 | 0.71% | 0.77% | 0.85% | 0.91% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Clear Lake, Minnesota
In Clear 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 Sherburne 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 Clear 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 Clear Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Sherburne County is found in the 55319 zip code, amounting to $2,986.
Average Clear Lake Assessed Value
$302,450
Average Sherburne County Assessed Value
$345,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clear Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55319 | $16,200 | $67,975 | $302,450 | $409,800 | $513,280 |
Source: Ownwell
Property Tax Bills Across Clear Lake, Minnesota
In Clear Lake, located in Sherburne 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 Clear Lake is $302,450. Property taxes are determined by multiplying this assessed value by the local tax rate. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and local government budgets. For homeowners in Clear Lake, the tax bill can vary significantly. At the 25th percentile, the tax bill is approximately $2,068, while it rises to $3,828 at the 75th percentile, and can reach up to $4,728 at the 90th percentile. These figures highlight the range of property tax obligations homeowners might face. Comparatively, the national median property tax rate is 0.99%, making Clear Lake's property tax rates relatively competitive. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Clear Lake Tax Bill
$2,986
Average Sherburne County Tax Bill
$3,686
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clear Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55319 | $856 | $2,068 | $2,986 | $3,828 | $4,728 |
Source: Ownwell