Lake City, Wabasha County, Minnesota Property Taxes

Name: Property Tax Bills Across Lake City, Wabasha County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake City, MN effective property tax rate: 1.27%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lake City, MN home value: $228,050
Median annual Lake City, MN tax bill: $2,900, $500 higher than the national median property tax bill of $2,400.

How are property taxes in Wabasha County calculated?

Property taxes in Lake City, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lake City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake City, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake City, Wabasha County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.27%

Estimate Property Tax Bill

$2,896

$2,688

Ownwell’s Lake City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, our calculator applies Lake City’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Wabasha County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake City, Wabasha County, Minnesota

As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Lake City's effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.

Property Tax Rates Across Lake City, Wabasha County, Minnesota

Source: Ownwell

0.62%

0.94%

1.27%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lake City Tax Rate

1.27%

Median Effective Wabasha County Tax Rate

1.15%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake City, Wabasha County, 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, Wabasha County, Minnesota

When examining property taxes in Lake City, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Wabasha County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Wabasha County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake City.

For example, the median home price in Lake City is $228,050, with tax bills ranging significantly across the county. Zip code 55041 has the highest median home price at $228,050.

Property Tax Assessment Values Across Lake City, Wabasha County, Minnesota

Source: Ownwell

$100,400

$307,800

$515,200

Median Lake City Market Value

$228,050

Median Wabasha County Market Value

$243,600

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake City, Wabasha County, 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, Wabasha County, Minnesota

In Lake City, located in Wabasha County, MN, property tax bills are primarily determined by the assessed value of a home and the local tax rate. With a median home price of $228,050, the property tax bill can vary significantly. For instance, homeowners at the 25th percentile face a tax bill of $2,224, while those at the 75th percentile see a bill of $3,810. The 90th percentile can experience a tax bill as high as $5,242. Compared to the national median property tax bill of $2,400, many homeowners in Lake City may find themselves paying more, especially since the median tax bill in the area is $2,900, matching both the highest and lowest median tax bills in the zip code 55041. This financial burden can be challenging for homeowners, but Ownwell offers a solution. By providing expert property tax appeal and exemption services, Ownwell helps homeowners potentially reduce their tax bills, ensuring they pay only what is fair and accurate, thus alleviating some of the financial strain.

Property Tax Bills Across Lake City, Wabasha County, Minnesota

Source: Ownwell

$970

$3,290

$5,609

Median Lake City Tax Bill

$2,900

Median Wabasha County Tax Bill

$2,658

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake City, Wabasha County, 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