Lake City, Minnesota Property Taxes
The median property tax rate in Lake City, MN is 1.27%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Lake City, the typical annual property tax bill reaches $2,900, exceeding the national median of $2,690. Property taxes in Lake City 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 Lake City'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 Lake City 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
Lake City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,896
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City 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 Lake City, Minnesota
Property taxes in Lake City, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.27%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 Lake City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55041 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.27%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55041 | 0.72% | 1.00% | 1.27% | 1.35% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Minnesota
In Lake City, 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 Wabasha 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 Lake City, 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 Lake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,900, found in the 55041 zip code.
Average Lake City Assessed Value
$228,050
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55041 | $16,850 | $173,100 | $228,050 | $338,675 | $500,350 |
Source: Ownwell
Property Tax Bills Across Lake City, Minnesota
In Lake City, located in Wabasha County, MN, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Lake City, the median home price is $228,050. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,224 and the 75th percentile tax bill reaching $3,810. At the 90th percentile, homeowners might see tax bills as high as $5,242. The highest and lowest median tax bills within the area are both $2,900, indicating some consistency within specific zip codes. These property tax bills impact homeowners by affecting their annual housing costs. Higher tax bills can influence decisions on home improvements, investments, and overall financial planning. Compared to the national median property tax rate of 0.99%, Lake City's property tax rates can be relatively high, adding a significant component to the cost of homeownership in the area.
Average Lake City Tax Bill
$2,900
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55041 | $1,574 | $2,224 | $2,900 | $3,810 | $5,242 |
Source: Ownwell