Lake Elmo, Washington County, Minnesota Property Taxes

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

Median Lake Elmo, MN effective property tax rate: 0.90%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Lake Elmo, MN home value: $532,750
Median annual Lake Elmo, MN tax bill: $5,028, $2,628 higher than the national median property tax bill of $2,400.

How are property taxes in Washington County calculated?

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

Last Updated March 1, 2025

Lake Elmo, Washington County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.9%

Estimate Property Tax Bill

$4,795

$4,449

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

Property Tax Rates Across Lake Elmo, Washington County, Minnesota

Local government entities determine tax rates, which can vary significantly within a state. Each year, counties estimate the budget needed to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This process results in the property tax rate. While votes and legislation play a role in setting tax rates and budgets, this is the essential annual procedure.

In Lake Elmo, located in Washington County, MN, the effective property tax rate offers an interesting comparison to other cities in Minnesota and the national median. The median property tax rate in Lake Elmo is slightly below the national median of 1.02%, showcasing a more favorable tax environment for property owners. This rate can be particularly attractive for those considering relocation or investment in the region. Understanding these rates and how they compare to both state and national figures can greatly influence property purchasing decisions. By evaluating Lake Elmo’s effective tax rate, potential homeowners can gain insight into the financial implications of owning property in this area, making informed decisions aligned with their financial goals.

Property Tax Rates Across Lake Elmo, Washington County, Minnesota

Source: Ownwell

0.79%

1.09%

1.38%

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 Lake Elmo Tax Rate

0.90%

Median Effective Washington County Tax Rate

1.12%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake Elmo, Washington County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55042	0.84%	0.86%	0.90%	0.99%	1.07%

Source: Ownwell

Property Tax Assessment Values Across Lake Elmo, Washington County, Minnesota

When examining property taxes in Lake Elmo, 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 Washington 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 Washington 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 Lake Elmo. For example, the median home price in Lake Elmo is $532,750, with tax bills ranging significantly across the county. Zip code 55042 has the highest median home price at $532,750.

Property Tax Assessment Values Across Lake Elmo, Washington County, Minnesota

Source: Ownwell

$12,550

$304,075

$595,600

Median Lake Elmo Market Value

$532,750

Median Washington County Market Value

$376,100

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake Elmo, Washington County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55042	$68,400	$392,225	$532,750	$643,250	$821,950

Source: Ownwell

Property Tax Bills Across Lake Elmo, Washington County, Minnesota

In Lake Elmo, Washington County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. With a median home price of $532,750, property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $4,120, while those in the 75th percentile face bills of about $6,250. At the 90th percentile, tax bills can reach up to $8,324. The highest and lowest median tax bill in the area is $5,028, which is notably higher than the national median property tax bill of $2,400. These taxes are influenced by factors such as local government budgets and public service needs, impacting homeowners by adding a significant annual expense. Ownwell can assist homeowners by providing expert property tax appeal services, potentially lowering assessed values and tax bills. By leveraging their knowledge of local tax regulations, Ownwell helps ensure homeowners pay only their fair share, offering significant savings and peace of mind.

Property Tax Bills Across Lake Elmo, Washington County, Minnesota

Source: Ownwell

$177

$2,914

$5,650

Median Lake Elmo Tax Bill

$5,028

Median Washington County Tax Bill

$4,148

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Elmo, Washington County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55042	$2,773	$4,120	$5,028	$6,250	$8,324

Source: Ownwell