Taunton, Lincoln County, Minnesota Property Taxes
Median Taunton, MN effective property tax rate: 0.33%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Taunton, MN home value: $598,000
Median annual Taunton, MN tax bill: $1,794, $606 lower than the national median property tax bill of $2,400.
How are property taxes in Lincoln calculated?
Property taxes in Taunton, 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 Taunton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Taunton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Taunton, Lincoln County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.33%
Estimate Property Tax Bill
$1,973
$1,831
Property Tax Rates Across Taunton, Lincoln County, Minnesota
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 Taunton Tax Rate
0.33%
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 Taunton, Lincoln County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | 0.19% | 0.23% | 0.33% | 0.45% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Taunton, Lincoln County, Minnesota
When examining property taxes in Taunton, Minnesota, 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 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 Lincoln 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 Taunton. For example, the median home price in Taunton is $598,000, with tax bills ranging significantly across the county. Zip code 56291 has the highest median home price at $598,000.
Property Tax Assessment Values Across Taunton, Lincoln County, Minnesota
Source: Ownwell
$185,200
$395,100
$605,000
Median Taunton Market Value
$598,000
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 Taunton, Lincoln County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | $150,360 | $307,300 | $598,000 | $1,225,075 | $1,708,890 |
Source: Ownwell
Property Tax Bills Across Taunton, Lincoln County, Minnesota
In Taunton, located in Lincoln County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Taunton is $598,000, which is significantly higher than the national median property tax bill of $2,400. Homeowners in Taunton can expect their tax bills to vary, with the 25th percentile at $1,004 and the 75th percentile reaching $3,279. The highest median tax bill in the area is $1,794, notably in the 56291 zip code. These variances are influenced by factors such as property size, location, and market conditions, impacting the overall financial burden on homeowners.
Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By leveraging local expertise and a deep understanding of tax regulations, Ownwell can help homeowners identify potential savings and reduce their property tax bills. This can result in substantial savings, easing the financial load and ensuring homeowners pay only their fair share.
Median Taunton Tax Bill
$1,794
Median Lincoln County Tax Bill
$1,300
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Taunton, Lincoln County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56291 | $517 | $1,004 | $1,794 | $3,279 | $4,822 |
Source: Ownwell
