Lake City, Goodhue County, Minnesota Property Taxes

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

Median Lake City, MN effective property tax rate: 0.97%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lake City, MN home value: $303,500
Median annual Lake City, MN tax bill: $3,428, $1,028 higher than the national median property tax bill of $2,400.

How are property taxes in Goodhue 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, Goodhue County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.97%

Estimate Property Tax Bill

$2,944

$2,732

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 Goodhue County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake City, Goodhue County, Minnesota

Local government entities set property tax rates, which can vary significantly within a state. This variation occurs because annually, each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This process determines the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is essentially the annual process. In Lake City, located in Goodhue County, Minnesota, the effective property tax rate is 0.97%. This rate aligns with the highest and lowest median rates in the state, as both are also 0.97%, found in the same zip code, 55041. Compared to the national median property tax rate of 1.02%, Lake City’s rate is slightly lower. The national median property tax bill is $2400, suggesting that residents in Lake City might experience a lighter property tax burden. This comparison provides valuable insights into how Lake City's property tax rate measures up against state and national averages.

Property Tax Rates Across Lake City, Goodhue County, Minnesota

Source: Ownwell

0.45%

0.95%

1.45%

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

0.97%

Median Effective Goodhue County Tax Rate

1.21%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake City, Goodhue County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55041	0.81%	0.90%	0.97%	1.28%	1.33%

Source: Ownwell

Property Tax Assessment Values Across Lake City, Goodhue 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 Goodhue County assessor 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 Goodhue 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 Lake City. For example, the median home price in Lake City is $303,500, with tax bills ranging significantly across the county. 55041 has the highest median home price at $303,500.

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

Source: Ownwell

$146,000

$358,350

$570,700

Median Lake City Market Value

$303,500

Median Goodhue County Market Value

$266,700

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

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

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55041	$15,820	$209,525	$303,500	$411,675	$538,590

Source: Ownwell

Property Tax Bills Across Lake City, Goodhue County, Minnesota

In Lake City, located in Goodhue County, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is derived from the market value of the property, which is influenced by factors such as location, size, and market trends. Homeowners in Lake City face a median property tax bill of $3,428, which is notably higher than the national median of $2,400. This reflects the area's higher property values and tax rates. The tax bill can vary significantly, with the 25th percentile at $2,742 and the 75th percentile reaching $4,318, indicating a range of financial impact on homeowners. Ownwell offers a solution for homeowners seeking to reduce their property tax burden. By leveraging expert knowledge of local tax regulations, Ownwell assists in appealing property tax assessments and identifying potential exemptions, potentially leading to significant savings. Homeowners can benefit from a thorough review of their property's assessed value, ensuring they are not overpaying on their tax bills.

Property Tax Bills Across Lake City, Goodhue County, Minnesota

Source: Ownwell

$2,074

$2,986

$3,897

Median Lake City Tax Bill

$3,428

Median Goodhue County Tax Bill

$3,110

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake City, Goodhue County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55041	$1,718	$2,742	$3,428	$4,318	$5,548

Source: Ownwell