Lake City Tax Information
The City of Lake City is in two Minnesota counties – Goodhue and Wabasha. You can find information on current property taxes for Goodhue County property here. For information on Wabasha County property taxes.
The State of Minnesota has a complex property tax system of state and local property taxes. To estimate your local property taxes start with:
- Your property tax classification rate
- The assessed market value of your property
Current Property Tax Classification Rates
Currently available are the 2015/2016 property tax classification rates. This information will be updated when it becomes available.
Once you have determined your property tax classification rate, you may contact the county assessor to find the assessed market value of your property. Lake City is split into two different counties: Wabasha and Goodhue. You must determine which county your property is located in.
- Goodhue County Assessor - 651-385-3006 or www.co.goodhue.mn.us
- Wabasha County Assessor – 651-565-3669 or www.co.wabasha.mn.us
Once you have the property tax classification rate and the assessed market value for your property, multiply these two numbers together to find your tax capacity.
The next step is to determine the amount of your local property tax. To find this, multiply your tax capacity by the local property tax rate (note these figures do not add up to 100 percent). Lake City’s local property tax rate information is provided below.
Local Tax Rates (Payable 2017)
|Taxing District||Tax Rate|
|Statewide General Tax||47% (Commercial Industrial)|
|City of Lake City||73.187%|
|School District 813||18.682%|
Example: You own a business in Lake City with an assessed market value of $300,000
To find the tax capacity of your property, take the first $150,000 of the value multiplied by the classification rate of 1.50% and the remaining $150,000 multiplied by the classification rate of 2.00%.
($150,000 x .015) + ($150,000 x .02) = $5,250
Your property’s tax capacity is $5,250.
Now, multiply your tax capacity ($5,250) by the local property tax rate, including the state general tax (184.346%). This equals your estimated local annual property tax.
$5,250 x 1.92108 = $10,085.67
Your Lake City business with a value of $300,000 would pay an estimated $10,086 in property taxes for the year 2016. Keep in mind that this is only an estimate; there are many factors that can affect your property taxes.