Minnesota Lake, Waseca County, Minnesota Property Taxes

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

Median Minnesota Lake, MN effective property tax rate: 0.91%, significantly lower than the national median of 1.02%, but lower than the MN state median of 1.11%.
Median Minnesota Lake, MN home value: $243,800
Median annual Minnesota Lake, MN tax bill: $2,092, $308 lower than the national median property tax bill of $2,400.

How are property taxes in Waseca calculated?

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

Last Updated March 1, 2025

Minnesota Lake, Waseca County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.91%

Estimate Property Tax Bill

$2,219

$2,059

Ownwell’s Minnesota Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Minnesota Lake with just two data points. By entering your property's estimated assessed value, our calculator applies Minnesota Lake’s 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 Waseca County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Minnesota Lake, Waseca County, Minnesota

Local government entities determine tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Minnesota Lake, located in Waseca County, the effective property tax rate stands at 0.91%. This rate is slightly below the national median property tax rate of 1.02%. Interestingly, the property tax rate in Minnesota Lake is consistent across the board, with both the highest and lowest rates in the area being 0.91%, as indicated by the zip code 56068. When compared to the national median property tax bill of $2,400, the figures in Minnesota Lake reflect a more economical property tax scenario. This consistency in tax rates provides homeowners with a predictable financial obligation, making it an attractive option for property owners seeking stability in their annual expenses.

Property Tax Rates Across Minnesota Lake, Waseca County, Minnesota

Source: Ownwell

0.46%

1.00%

1.55%

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 Minnesota Lake Tax Rate

0.91%

Median Effective Waseca County Tax Rate

1.46%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Minnesota Lake, Waseca County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56068	0.45%	0.54%	0.91%	0.98%	1.06%

Source: Ownwell

Property Tax Assessment Values Across Minnesota Lake, Waseca County, Minnesota

When examining property taxes in Minnesota Lake, 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 Waseca 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.

Assessment notices: In Waseca 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 Minnesota Lake. For example, the median home price in Minnesota Lake is $243,800, with tax bills ranging significantly across the county. 56068 has the highest median home price at $243,800.

Property Tax Assessment Values Across Minnesota Lake, Waseca County, Minnesota

Source: Ownwell

$113,000

$460,500

$808,000

Median Minnesota Lake Market Value

$243,800

Median Waseca County Market Value

$185,200

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Minnesota Lake, Waseca County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56068	$152,960	$181,450	$243,800	$752,950	$1,361,940

Source: Ownwell

Property Tax Bills Across Minnesota Lake, Waseca County, Minnesota

In Minnesota Lake, located in Waseca County, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is evaluated annually. Factors such as recent home sales in the area, improvements made to the property, and overall economic conditions can influence this market value. With a median home price of $243,800, homeowners in Minnesota Lake can expect their tax bills to vary significantly. While the 25th percentile tax bill is $1,542, it can rise to $4,853 at the 75th percentile and even reach $8,768 at the 90th percentile. These figures highlight the potential financial impact on homeowners. Ownwell assists homeowners by identifying potential inaccuracies in property assessments and exploring available exemptions, thereby helping to reduce property tax burdens. By leveraging expertise and local knowledge, Ownwell ensures homeowners are not overpaying on their property taxes, providing peace of mind and potential savings.

Property Tax Bills Across Minnesota Lake, Waseca County, Minnesota

Source: Ownwell

$1,856

$2,627

$3,398

Median Minnesota Lake Tax Bill

$2,092

Median Waseca County Tax Bill

$2,536

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Minnesota Lake, Waseca County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56068	$1,170	$1,542	$2,092	$4,853	$8,768

Source: Ownwell