Canby, Lincoln County, Minnesota Property Taxes
Median Canby, MN effective property tax rate: 0.30%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Canby, MN home value: $441,050
Median annual Canby, MN tax bill: $1,460, $940 lower than the national median property tax bill of $2,400.
How are property taxes in Lincoln County calculated?
Property taxes in Canby, 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 Canby’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Canby, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Canby, Lincoln County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.3%
Estimate Property Tax Bill
$1,323
$1,228
Property Tax Rates Across Canby, Lincoln County, Minnesota
Local government entities are responsible for setting property tax rates, which can vary significantly within a state like Minnesota. Each year, counties such as Lincoln estimate their required budgets to provide essential services, dividing this by the total value of all taxable property within their jurisdiction. This process determines the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially how the annual process unfolds.
When comparing Canby’s effective property tax rate to other cities in Minnesota, and even to the national median, it becomes clear how these rates can differ. The median property tax rate in Minnesota is notably lower than the national median of 1.02%. This difference highlights how local governance and economic conditions can influence property tax rates, impacting homeowners differently across the country. Understanding these variations is crucial for property owners, as it affects their financial planning and the overall cost of homeownership.
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 Canby Tax Rate
0.30%
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 Lincoln County Tax Rate
0.54%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Canby, Lincoln County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | 0.17% | 0.19% | 0.30% | 0.47% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Canby, Lincoln County, Minnesota
When examining property taxes in Canby, 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 Lincoln County appraisal district 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 Lincoln 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 Canby.
For example, the median home price in Canby is $441,050, with tax bills ranging significantly across the county. Zip code 56220 has the highest median home price at $441,050.
Property Tax Assessment Values Across Canby, Lincoln County, Minnesota
Source: Ownwell
$185,200
$395,100
$605,000
Median Canby Market Value
$441,050
Median Lincoln County Market Value
$232,300
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Canby, Lincoln County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | $114,720 | $246,675 | $441,050 | $895,200 | $1,286,280 |
Source: Ownwell
Property Tax Bills Across Canby, Lincoln County, Minnesota
Median Canby Tax Bill
$1,460
Median Lincoln County Tax Bill
$1,300
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Canby, Lincoln County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | $496 | $782 | $1,460 | $2,473 | $3,822 |
Source: Ownwell