Mountain Lake, Minnesota Property Taxes
The median property tax rate in Mountain Lake, MN is 0.71%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mountain Lake at $499,050, the typical annual property tax bill amounts to $3,434, surpassing the national median of $2,690. Property taxes in Mountain 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 Mountain 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 Mountain Lake or another part of Watonwan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mountain Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$3,543
Ownwell’s Mountain Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mountain Lake with just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Mountain Lake to provide an estimated property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mountain Lake, Minnesota
Property taxes in Mountain Lake, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountain Lake is 0.71%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mountain Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain 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 Mountain Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56159 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Mountain Lake provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mountain Lake Tax Rate
0.71%
Average Watonwan County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mountain Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56159 | 0.37% | 0.52% | 0.71% | 0.93% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Lake, Minnesota
In Mountain 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 Watonwan County Assessor 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 Mountain 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 Mountain Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56159, with a median tax bill of $3,434.
Property Tax Assessment Values Across Mountain Lake, Minnesota
Source: Ownwell
$35,100
$277,700
$520,300
Average Mountain Lake Assessed Value
$499,050
Average Watonwan County Assessed Value
$150,750
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mountain Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56159 | $319,400 | $373,850 | $499,050 | $602,075 | $616,610 |
Source: Ownwell
Property Tax Bills Across Mountain Lake, Minnesota
In Mountain Lake, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value reflects the market value of the property. The tax rate, set by local government entities, is then applied to this assessed value to determine the total tax bill. For homeowners in Watonwan County, the median home price is $499,050, leading to varying tax bills. For instance, the 25th percentile tax bill is $2,914, while the 75th percentile reaches $3,564. The 90th percentile tax bill is slightly higher at $3,576. These figures indicate that property taxes can significantly impact homeowners, with the highest median tax bill in the area being $3,434. This is notably higher than the national median property tax rate of 0.99%, reflecting the local government's revenue needs and property values. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Mountain Lake Tax Bill
$3,434
Average Watonwan County Tax Bill
$1,480
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mountain Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56159 | $2,201 | $2,914 | $3,434 | $3,564 | $3,576 |
Source: Ownwell