Lake Wilson, Murray County, Minnesota Property Taxes
Median Lake Wilson, MN effective property tax rate: 0.54%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lake Wilson, MN home value: $142,400
Median annual Lake Wilson, MN tax bill: $724, $1,676 lower than the national median property tax bill of $2,400.
How are property taxes in Murray County calculated?
Property taxes in Lake Wilson, 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 Lake Wilson’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Wilson, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lake Wilson, Murray County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.8%
Estimate Property Tax Bill
$1,180
$1,095
Property Tax Rates Across Lake Wilson, Murray County, Minnesota
Local government entities, such as those in Lake Wilson, set property tax rates, which can vary significantly within Minnesota. Each year, Murray County calculates its budgetary needs for public services and divides this figure by the total value of all taxable property in the county. This calculation determines the property tax rate. While the process involves votes and legislation, this is essentially how it works annually.
Lake Wilson's effective property tax rate can be compared with other cities in Minnesota, as well as the state's and national median rates. The median property tax rate in Minnesota is 0.54%, which is notably lower than the national median of 1.02%. This means that homeowners in Lake Wilson benefit from a more favorable tax rate compared to many other parts of the country. Understanding these rates can help property owners make informed decisions and potentially save on their annual tax bills.
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 Lake Wilson Tax Rate
0.80%
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 Murray County Tax Rate
0.83%
Median Effective Minnesota Tax Rate
1.13%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Wilson, Murray County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | 0.14% | 0.28% | 0.80% | 1.05% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Lake Wilson, Murray County, Minnesota
When examining property taxes in Lake Wilson, 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 Murray 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 Murray 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 Lake Wilson. For example, the median home price in Lake Wilson is $142,400, with tax bills ranging significantly across the county. 56151 has the highest median home price at $142,400.
Property Tax Assessment Values Across Lake Wilson, Murray County, Minnesota
Source: Ownwell
$47,900
$344,600
$641,300
Median Lake Wilson Market Value
$147,500
Median Murray County Market Value
$190,700
Median Minnesota Market Value
$304,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Wilson, Murray County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | $14,280 | $66,725 | $147,500 | $329,250 | $1,122,510 |
Source: Ownwell
Property Tax Bills Across Lake Wilson, Murray County, Minnesota
Median Lake Wilson Tax Bill
$989
Median Murray County Tax Bill
$1,376
Median Minnesota Tax Bill
$3,364
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Wilson, Murray County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | $130 | $482 | $989 | $1,580 | $2,643 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 30 |
Links | |
|---|---|
| Murray Tax Assessor | |
| Website | tax.cptmn.us |