Silver Bay, Lake County, Minnesota Property Taxes

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

Median Silver Bay, MN effective property tax rate: 0.58%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Silver Bay, MN home value: $171,200
Median annual Silver Bay, MN tax bill: $1,063, $1,337 lower than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Silver Bay, Lake County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.58%

Estimate Property Tax Bill

$993

$921

Ownwell’s Silver Bay Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Silver Bay with just two data points. By entering your property's estimated assessed value, our calculator applies Silver Bay’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 Silver Bay, Lake County, Minnesota

Local government entities set property tax rates, which can vary significantly within a state. Each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.

In Silver Bay, located in Lake County, MN, the effective property tax rate is an important figure for homeowners to consider. This rate reflects the cost of owning property in the area and can differ from other cities within Minnesota. The median property tax rate in Silver Bay is 0.58%, aligning with both the highest and lowest rates recorded in the region. When compared to the national median property tax rate of 1.02%, Silver Bay's rate is notably lower, providing a more affordable option for property owners. Understanding these differences can help potential buyers and current homeowners make informed decisions regarding property investments in Silver Bay and beyond.

Property Tax Rates Across Silver Bay, 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 Silver Bay Tax Rate

0.58%

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 Silver Bay, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55614	0.32%	0.43%	0.58%	0.79%	1.06%

Source: Ownwell

Property Tax Assessment Values Across Silver Bay, Lake County, Minnesota

When examining property taxes in Silver Bay, 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.

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 Silver Bay. For example, the median home price in Silver Bay is $171,200, with tax bills ranging significantly across the county. Zip code 55614 has the highest median home price at $171,200.

Property Tax Assessment Values Across Silver Bay, Lake County, Minnesota

Source: Ownwell

$106,100

$242,225

$378,350

Median Silver Bay Market Value

$171,200

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 Silver Bay, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55614	$84,460	$137,500	$171,200	$246,600	$408,620

Source: Ownwell

Property Tax Bills Across Silver Bay, Lake County, Minnesota

In Silver Bay, located in Lake County, MN, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is influenced by factors such as property size, location, and improvements. Homeowners in Silver Bay face a median property tax bill of $1,063, which is significantly lower than the national median of $2,400. However, tax bills can vary widely, with those in the 25th percentile paying around $585 and those in the 90th percentile facing bills as high as $2,839. These taxes fund essential services like schools and infrastructure, directly impacting the community and homeowners. Despite the relative affordability of property taxes in Silver Bay, many homeowners may still find opportunities for savings. Ownwell assists by offering property tax appeal and exemption services, potentially lowering tax bills by ensuring accurate property assessments. By leveraging Ownwell's expertise, homeowners can effectively manage their property tax obligations and potentially reduce their financial burden.

Property Tax Bills Across Silver Bay, Lake County, Minnesota

Source: Ownwell

$482

$1,215

$1,947

Median Silver Bay Tax Bill

$1,063

Median Lake County Tax Bill

$1,364

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Silver Bay, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55614	$363	$585	$1,063	$1,758	$2,839

Source: Ownwell