Finland, Lake County, Minnesota Property Taxes

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

Median Finland, MN effective property tax rate: 0.50%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Finland, MN home value: $166,700
Median annual Finland, MN tax bill: $778, $1,622 lower than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Finland, Lake County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.5%

Estimate Property Tax Bill

$834

$773

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

Property Tax Rates Across Finland, Lake County, Minnesota

Local government entities in Finland, located in Lake County, MN, set property tax rates that can vary significantly within the state. Each year, counties determine their required budget to provide essential services and divide this amount by the total value of all taxable properties within their jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual process. Finland's effective property tax rate can be compared to other cities in Minnesota, as well as the median property tax rates in Minnesota and across the United States.

Property Tax Rates Across Finland, Lake County, Minnesota

Source: Ownwell

0.48%

0.76%

1.04%

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 Finland Tax Rate

0.50%

Median Effective Lake County Tax Rate

0.59%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Finland, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55603	0.23%	0.36%	0.50%	0.61%	0.74%

Source: Ownwell

Property Tax Assessment Values Across Finland, Lake County, Minnesota

When examining property taxes in Finland, 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 Lake 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. Assessment notices: In Lake 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 Finland. For example, the median home price in Finland is $166,700, with tax bills ranging significantly across the county. 55603 has the highest median home price at $166,700.

Property Tax Assessment Values Across Finland, Lake County, Minnesota

Source: Ownwell

$106,100

$242,225

$378,350

Median Finland Market Value

$166,700

Median Lake County Market Value

$222,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Finland, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55603	$44,440	$84,500	$166,700	$307,000	$452,820

Source: Ownwell

Property Tax Bills Across Finland, Lake County, Minnesota

In Finland, located in Lake County, MN, property tax bills are calculated based on the assessed value of a home. This value is determined by the local assessor's office and reflects the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. With a median home price of $166,700, homeowners in Finland might expect tax bills that vary widely, with the 25th percentile at $394 and the 75th percentile reaching $1,430. The highest median tax bill in the area is $778, which is significantly lower than the national median property tax bill of $2,400. These taxes fund essential services such as schools, infrastructure, and public safety, directly impacting the community's quality of life. Ownwell assists homeowners by providing expert property tax appeal and exemption services, potentially lowering their tax bills. By reviewing assessments and identifying discrepancies, Ownwell ensures homeowners pay only their fair share, offering peace of mind and financial savings.

Property Tax Bills Across Finland, Lake County, Minnesota

Source: Ownwell

$482

$1,215

$1,947

Median Finland Tax Bill

$778

Median Lake County Tax Bill

$1,364

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Finland, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55603	$157	$394	$778	$1,430	$2,201

Source: Ownwell