Elbow Lake, Grant County, Minnesota Property Taxes
Median Elbow Lake, MN effective property tax rate: 1.05%, slightly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Elbow Lake, MN home value: $149,000
Median annual Elbow Lake, MN tax bill: $1,648, $752 lower than the national median property tax bill of $2,400.
How are property taxes in Grant County calculated?
Property taxes in Elbow 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 Elbow Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elbow Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Elbow Lake, Grant County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.19%
Estimate Property Tax Bill
$1,836
$1,704
Property Tax Rates Across Elbow Lake, Grant County, Minnesota
Local government entities determine tax rates, which can vary significantly within a state. Each year, counties estimate the budget required to provide essential services and divide it by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. While voting and legislation play roles in setting tax rates and budgets, this is essentially the annual process.
Below, you can compare Elbow Lake’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S. Minnesota's median property tax rate stands at 1.05%, slightly above the national median of 1.02%. Elbow Lake, located in Grant County, aligns with this state median. Despite the uniformity in the tax rate across various parts of the county, it is noteworthy that the median tax rate in Elbow Lake is higher than the national median. This comparison highlights the importance of understanding your local tax rate and how it measures up against state and national averages.
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 Elbow Lake Tax Rate
1.19%
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 Grant County Tax Rate
0.90%
Median Effective Minnesota Tax Rate
1.13%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Elbow Lake, Grant County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | 0.54% | 0.79% | 1.19% | 1.64% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Elbow Lake, Grant County, Minnesota
When examining property taxes in Elbow 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 Grant 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 Grant 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 Elbow Lake.
For example, the median home price in Elbow Lake is $149,000, with tax bills ranging significantly across the county. Zip code 56531 has the highest median home price at $149,000.
Property Tax Assessment Values Across Elbow Lake, Grant County, Minnesota
Source: Ownwell
$112,000
$181,750
$251,500
Median Elbow Lake Market Value
$154,300
Median Grant County Market Value
$170,100
Median Minnesota Market Value
$304,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Elbow Lake, Grant County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | $50,640 | $90,500 | $154,300 | $274,400 | $503,180 |
Source: Ownwell
Property Tax Bills Across Elbow Lake, Grant County, Minnesota
In Elbow Lake, located in Grant County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $149,000, and the property tax rate is determined by local government budgets and school district funding needs. Homeowners in Elbow Lake typically see tax bills ranging from $980 at the 25th percentile to $3,792 at the 90th percentile. The median tax bill in the area is $1,648, which is below the national median of $2,400. These figures illustrate the variability in property tax bills, which can significantly impact household budgets.
Ownwell assists homeowners in Elbow Lake by identifying opportunities for property tax savings. By analyzing property assessments and market trends, Ownwell can help homeowners appeal their assessed values if they appear inflated, potentially lowering their tax bills. This support is crucial for homeowners seeking to reduce their financial burden and ensures they are not overpaying on property taxes.
Median Elbow Lake Tax Bill
$1,841
Median Grant County Tax Bill
$1,718
Median Minnesota Tax Bill
$3,364
Median United States Tax Bill
$2,400
Property Tax Bills Across Elbow Lake, Grant County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | $575 | $1,056 | $1,841 | $2,904 | $3,988 |
Source: Ownwell