Two Harbors, Lake County, Minnesota Property Taxes

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

Median Two Harbors, MN effective property tax rate: 0.64%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Two Harbors, MN home value: $239,400
Median annual Two Harbors, MN tax bill: $1,499, $901 lower than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Two Harbors, Lake County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.64%

Estimate Property Tax Bill

$1,532

$1,422

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

Local government entities determine tax rates, which can vary significantly within a state. Each county calculates its annual budget needs to fund services and divides this by the total assessed value of all taxable property in its jurisdiction, resulting in the property tax rate. Although setting tax rates and budgets involves votes and laws, this calculation is the core of the annual process. In Two Harbors, located in Lake County, the effective property tax rate stands at 0.64%. This rate is consistent across the region and is notably lower than the national median property tax rate of 1.02%. This lower rate can be appealing to property owners seeking reduced tax burdens. When compared to other cities in Minnesota and the national average, Two Harbors offers a competitive property tax environment. This can be a significant factor for individuals and businesses considering relocation or investment in the area. Understanding these local tax dynamics is essential for making informed property decisions.

Property Tax Rates Across Two Harbors, 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 Two Harbors Tax Rate

0.64%

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 Two Harbors, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55616	0.38%	0.47%	0.64%	0.83%	1.00%

Source: Ownwell

Property Tax Assessment Values Across Two Harbors, Lake County, Minnesota

When examining property taxes in Two Harbors, 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 Two Harbors.

For example, the median home price in Two Harbors is $239,400, with tax bills ranging significantly across the county. Zip code 55616 has the highest median home price at $239,400.

Property Tax Assessment Values Across Two Harbors, Lake County, Minnesota

Source: Ownwell

$106,100

$242,225

$378,350

Median Two Harbors Market Value

$239,400

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 Two Harbors, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55616	$50,200	$150,900	$239,400	$394,400	$604,200

Source: Ownwell

Property Tax Bills Across Two Harbors, Lake County, Minnesota

In Two Harbors, located in Lake County, MN, property tax bills are determined based on the assessed value of a home, which is influenced by the local real estate market and the property’s characteristics. The median home price in the area is $239,400. Property taxes are then calculated by applying the local tax rate to this assessed value. The median property tax bill in Two Harbors is $1,499, which is below the national median of $2,400. Homeowners in the 25th percentile pay around $793, while those in the 90th percentile may see bills as high as $3,641. These variations reflect differences in property values and exemptions. High property tax bills can strain homeowners' finances, making it essential to explore potential savings. Ownwell can assist homeowners in Two Harbors by reviewing their property assessments for inaccuracies and identifying eligible exemptions. By appealing over-assessments and securing exemptions, Ownwell helps reduce tax liabilities, ensuring homeowners pay only their fair share.

Property Tax Bills Across Two Harbors, Lake County, Minnesota

Source: Ownwell

$482

$1,215

$1,947

Median Two Harbors Tax Bill

$1,499

Median Lake County Tax Bill

$1,364

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Two Harbors, Lake County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55616	$356	$793	$1,499	$2,367	$3,641

Source: Ownwell