Madison Lake, Blue Earth County, Minnesota Property Taxes

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

Median Madison Lake, MN effective property tax rate: 1.20%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Madison Lake, MN home value: $339,950
Median annual Madison Lake, MN tax bill: $3,687, $1,287 higher than the national median property tax bill of $2,400.

How are property taxes in Blue Earth calculated?

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

Last Updated March 1, 2025

Madison Lake, Blue Earth County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.2%

Estimate Property Tax Bill

$4,079

$3,786

Ownwell’s Madison Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Madison Lake with just two data points. By entering your property's estimated assessed value, our calculator applies Madison Lake’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 Blue Earth County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Madison Lake, Blue Earth County, Minnesota

Local government entities determine tax rates, which can differ significantly within a state. Each year, counties assess their budgetary needs for public services and divide this by the total value of taxable property in their area, resulting in the property tax rate. Although votes and legislative measures play a role in finalizing these rates and budgets, this is essentially the yearly routine.

In Madison Lake, located in Blue Earth County, the effective property tax rate stands at 1.20%. This is higher than the national median property tax rate of 1.02%. When compared to other regions in Minnesota, Madison Lake's rate is consistent with the county's overall rate, reflecting a unified approach to property taxation within the area.

Understanding these rates is crucial for homeowners looking to manage their property tax liabilities effectively. By comparing Madison Lake’s rate to both state and national medians, property owners can gain insight into how local tax obligations measure up, aiding in better financial planning and potential savings.

Property Tax Rates Across Madison Lake, Blue Earth County, Minnesota

Source: Ownwell

0.50%

1.03%

1.57%

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 Madison Lake Tax Rate

1.20%

Median Effective Blue Earth County Tax Rate

1.06%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Madison Lake, Blue Earth County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56063	0.76%	0.84%	1.20%	1.31%	1.56%
56001	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Madison Lake, Blue Earth County, Minnesota

When examining property taxes in Madison Lake, 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 Blue Earth County Assessor's Office 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 Blue Earth County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Madison Lake.

For example, the median home price in Madison Lake is $339,950, with tax bills ranging significantly across the county. Zip code 56063 has the highest median home price at $340,100.

Property Tax Assessment Values Across Madison Lake, Blue Earth County, Minnesota

Source: Ownwell

$179,100

$305,500

$431,900

Median Madison Lake Market Value

$339,950

Median Blue Earth County Market Value

$262,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Madison Lake, Blue Earth County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56063	$133,640	$237,200	$340,100	$517,800	$677,680
56001	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Madison Lake, Blue Earth County, Minnesota

In Madison Lake, MN, property tax bills are calculated by assessing the property's market value and applying the local tax rate. This process involves evaluating factors such as the property's location, size, and any improvements made. The median home price in Madison Lake is $339,950, and property taxes can vary significantly. For instance, the 25th percentile tax bill is $2,382, while the 90th percentile reaches $7,439. Homeowners in Madison Lake face a median tax bill of $3,692, which is above the national median of $2,400. This can create a financial burden, especially when the assessed value increases due to market conditions or property enhancements. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. Our expertise ensures that your property is accurately assessed, potentially lowering your tax bill. By analyzing local market trends and utilizing our in-depth knowledge of property tax regulations, Ownwell can help you uncover opportunities to reduce your tax liability and keep more money in your pocket.

Property Tax Bills Across Madison Lake, Blue Earth County, Minnesota

Source: Ownwell

$1,759

$2,726

$3,692

Median Madison Lake Tax Bill

$3,687

Median Blue Earth County Tax Bill

$2,724

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Madison Lake, Blue Earth County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56063	$984	$2,384	$3,692	$5,424	$7,441
56001	N/A	N/A	N/A	N/A	N/A

Source: Ownwell