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County tax profile · 2026 · Census ACS + IRS data

Property Tax & Income in Lake County, Minnesota

Lake County has an effective property tax rate of 0.73%. On the median home value of $241,300, that's roughly $1,765 per year. Median household income is $75,541.

Effective Property Tax Rate1
0.73%
median tax $1,765 ÷ median home $241,300
Median Home Value1
$241,300
owner-occupied
Median Household Income1
$75,541
per-capita $41,362
Est. Annual Tax on Median Home1
$1,765
at 0.73% effective rate

What you'll pay, at a glance

Property taxes are the largest local tax most homeowners pay. The effective rate measures the real tax bill as a share of home value — a more useful number than the nominal “mill rate,” because assessment practices vary county to county.

MetricLake CountyMinnesota (state context)
Effective property tax rate10.73%0.98%
Median home value1$241,300—
State income tax3top rate 9.85%top rate 9.85%
State sales tax38.14% combined8.14% combined

How this is calculated

The effective property tax rate is the median real-estate tax bill divided by the median home value — both for owner-occupied homes, from the U.S. Census Bureau's American Community Survey (ACS 5-year estimates)1. Median income is also from the ACS1. Federal and state income-tax figures use IRS2 and Tax Foundation3 data.

About Lake County, MN

Lake County sits well below both the Minnesota and national averages for property taxes. Its effective rate of 0.731% trails the statewide figure of 0.985% and edges under the U.S. median of 0.794%. That gap matters in a place where the median home is valued at $241,300 and the annual tax bill comes to $1,765. Ranking 80th out of 87 Minnesota counties places Lake County near the bottom for tax rate, a signal that homeowners here keep more of each dollar compared with most of the state. Households earning a median of $75,541, alongside per-capita income of $41,362, face a lighter property tax load than many Minnesotans. Communities like Beaver Bay, Finland, and Isabella share in this pattern across the county.

Frequently asked questions

What is the property tax rate in Lake County, MN?
The effective rate is 0.73% — meaning the median tax bill equals about 0.73% of the median home value.
How much are property taxes on a median home?
On the median home ($241,300), the estimated annual bill is about $1,765.
Is Lake County's rate high or low?
Compare it to the state median of 0.98% and the national average near 1.1%.
How does the effective rate differ from my mill rate?
A mill rate is the nominal levy per $1,000 of assessed value. The effective rate reflects what you actually pay after exemptions and assessments — it's the median tax bill as a share of median home value, so it better predicts your real cost.
Will a reassessment raise my tax bill?
Not necessarily. If your home's assessed value rises, your bill can go up, but only if the mill rate and exemptions stay flat. Contact the Lake County assessor's office to review your current assessment.
Can I appeal my property tax assessment?
Yes. Most counties allow an appeal when you believe the assessed value exceeds the market value. File with the Lake County assessor within the local deadline, typically with comparable sales as evidence.
Sources
[1] U.S. Census Bureau — ACS 5-Year (2023) — Median home value (B25077), median real-estate taxes (B25103), median household income (B19013), per-capita income (B19301).
[2] IRS — Statistics of Income — County income, AGI, and real-estate taxes paid.
[3] Tax Foundation — State income, sales, corporate, and estate/inheritance tax rates.