Hitterdal, Minnesota Property Taxes
The median property tax rate in Hitterdal, MN is 0.94%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hitterdal, the typical annual property tax bill amounts to $1,400, significantly below the national median of $2,690. Property taxes in Hitterdal are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hitterdal's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hitterdal or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hitterdal, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,918
Ownwell’s Hitterdal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hitterdal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hitterdal to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hitterdal, Minnesota
Property taxes in Hitterdal, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hitterdal is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Hitterdal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hitterdal estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Hitterdal's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56552 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Hitterdal provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hitterdal Tax Rate
0.94%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hitterdal, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56552 | 0.24% | 0.38% | 0.94% | 1.08% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Hitterdal, Minnesota
In Hitterdal, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Clay County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Hitterdal, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hitterdal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $204,000, with tax bills ranging from $708 at the 25th percentile to $3,368 at the 90th percentile. The zip code 56552 has the highest and lowest median tax bill at $1,400.
Average Hitterdal Assessed Value
$204,000
Average Clay County Assessed Value
$240,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hitterdal, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56552 | $27,920 | $108,500 | $204,000 | $387,500 | $688,940 |
Source: Ownwell
Property Tax Bills Across Hitterdal, Minnesota
In Hitterdal, located in Clay County, MN, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the local tax rate to estimate the annual property tax bill. For a median home price of $204,000, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property location, size, and condition influence the assessed value. In Hitterdal, the 25th percentile tax bill is approximately $708, while the 75th percentile tax bill reaches up to $2,366. For those in the 90th percentile, tax bills can be as high as $3,368. These figures show a range of property tax liabilities, reflecting differences in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Hitterdal's tax bills indicate a diverse range of financial impacts on homeowners, affecting their annual budgets and long-term financial planning.
Average Hitterdal Tax Bill
$1,400
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hitterdal, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56552 | $232 | $708 | $1,400 | $2,366 | $3,368 |
Source: Ownwell