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20 | Page <br />Tax Impact <br />The Median Home Value increased slightly this year; from $581,700 for tax year 2025 to <br />$585,800 for tax year 2026. When applying the estimated tax rate to a median value home, <br />you would see an increase of $179 in city tax for the year, or less than $15 per month. <br /> 2025 2026 <br />Median Value Home $ 581,700 $ 585,800 <br />Tax Rate <br />26.84% (final 2025) 1,616 <br />29.57% (est. 2026) 1,795 <br />2.73 point change in Tax Rate <br /> <br />$179 increase on MVH <br /> <br />Valuations are determined in the year prior to the tax year. Proposed valuation notices are mailed in the <br />spring of each year and any appeal of that valuation needs to filed with the County or heard at the Board of <br />Appeals & Equalization meeting, which typically takes place in April at Lake Elmo City Hall. <br /> <br />The table below shows what the tax impact will be on a range of home values. <br /> 2025 2026 Change Change <br />(per month) (actual) (estimated) <br />Tax Rate 26.84% 29.57% 2.73% <br />Home Value City Taxes ($) Change ($) <br />$250,000 671 739 68 6 <br />$300,000 805 887 82 7 <br />$350,000 939 1035 96 8 <br />$400,000 1074 1183 109 9 <br />$450,000 1208 1331 123 10 <br />$500,000 1342 1479 137 11 <br />$550,000 1510 1663 154 13 <br />$600,000 1678 1848 171 14 <br />$650,000 1845 2033 188 16 <br />$700,000 2013 2218 205 17 <br />$750,000 2181 2403 222 18 <br />$800,000 2349 2587 239 20 <br />$850,000 2516 2772 256 21 <br />$900,000 2684 2957 273 23 <br />$950,000 2852 3142 290 24 <br />$1,000,000 3020 3327 307 26 <br /> <br /> <br /> <br /> <br /> <br /> <br />