Balaton, Lyon County, Minnesota Property Taxes
Median Balaton, MN effective property tax rate: 1.50%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Balaton, MN home value: $79,000
Median annual Balaton, MN tax bill: $1,104, $1,296 lower than the national median property tax bill of $2,400.
How are property taxes in Lyon County calculated?
Property taxes in Balaton, 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 Balaton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Balaton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Balaton, Lyon County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.34%
Estimate Property Tax Bill
$1,277
$1,185
Property Tax Rates Across Balaton, Lyon County, Minnesota
Local government entities are responsible for setting property tax rates, which can differ significantly within a state. This variation is due to each county's annual budget estimation process. They calculate the necessary budget to provide essential services and divide it by the total value of all taxable property in the area, resulting in the property tax rate. Although voting and legislation play a role in determining tax rates and budgets, this is the basic annual procedure.
In Balaton, located in Lyon County, the effective property tax rate stands at 1.50%. This rate is notably higher than the national median property tax rate of 1.02%. When compared to the national median property tax bill of $2,400, residents of Balaton might experience higher property tax bills, given the higher rate. However, this rate is consistent across the region, as Lyon County's highest and lowest median tax rates are the same, reflecting a uniformity in property tax assessments. This makes Balaton's property tax rate a significant factor for homeowners to consider when comparing it to other cities in Minnesota and the broader U.S.
Our median effective property tax rate (tax bill Ă· 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 Balaton Tax Rate
1.34%
Our median effective property tax rate (tax bill Ă· 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 Lyon County Tax Rate
1.18%
Median Effective Minnesota Tax Rate
1.13%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Balaton, Lyon County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | 0.55% | 0.64% | 1.34% | 1.75% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Balaton, Lyon County, Minnesota
When examining property taxes in Balaton, 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 Lyon 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 Lyon 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 Balaton.
For example, the median home price in Balaton is $79,000, with tax bills ranging significantly across the county. Zip code 56115 has the highest median home price at $79,000.
Property Tax Assessment Values Across Balaton, Lyon County, Minnesota
Source: Ownwell
$61,700
$215,750
$369,800
Median Balaton Market Value
$95,300
Median Lyon County Market Value
$166,950
Median Minnesota Market Value
$304,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Balaton, Lyon County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | $10,310 | $46,100 | $95,300 | $201,875 | $341,540 |
Source: Ownwell
Property Tax Bills Across Balaton, Lyon County, Minnesota
Median Balaton Tax Bill
$1,142
Median Lyon County Tax Bill
$1,840
Median Minnesota Tax Bill
$3,364
Median United States Tax Bill
$2,400
Property Tax Bills Across Balaton, Lyon County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | $114 | $592 | $1,142 | $2,002 | $3,374 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 30 |
Links | |
|---|---|
| Lyon Tax Assessor | |
| Website | lyon.minnesotaassessors.com |