Lafayette, Minnesota Property Taxes
The median property tax rate in Lafayette, MN is 0.47%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lafayette, the typical annual property tax bill reaches $2,624, slightly below the national median of $2,690. Property taxes in Lafayette 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 Lafayette'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 Lafayette 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
Lafayette, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$2,449
Ownwell’s Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Minnesota
Property taxes in Lafayette, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.47%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56054 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these areas compare with Lafayette provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
0.47%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56054 | 0.26% | 0.32% | 0.47% | 0.65% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Minnesota
In Lafayette, 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 Sibley 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. Assessment notices in Lafayette 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. Lafayette has a median home price of $521,000, with tax bills ranging from $1,614 at the 25th percentile to $5,800 at the 90th percentile. The highest median tax bill is $2,624 in zip code 56054, which is also the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lafayette Assessed Value
$521,000
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56054 | $212,660 | $365,600 | $521,000 | $971,200 | $1,432,220 |
Source: Ownwell
Property Tax Bills Across Lafayette, Minnesota
In Lafayette, located in Sibley County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Lafayette stands at $521,000. Property taxes are then applied to this assessed value using the local tax rate, which varies by jurisdiction. For homeowners in Lafayette, tax bills can range significantly. The 25th percentile tax bill is $1,614, while the 75th percentile reaches $3,842. At the 90th percentile, homeowners could see tax bills as high as $5,800. These variations reflect differences in property values and specific local tax rates. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. For comparison, the national median property tax rate is 0.99%, illustrating how local rates and home values can impact overall tax obligations. Homeowners in Lafayette should be aware of these factors, as they directly affect the affordability and financial planning associated with homeownership.
Average Lafayette Tax Bill
$2,624
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56054 | $996 | $1,614 | $2,624 | $3,842 | $5,800 |
Source: Ownwell