Hamel, Minnesota Property Taxes
The median property tax rate in Hamel, MN is 1.22%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hamel at $566,000, the typical annual property tax bill reaches $7,272, exceeding the national median of $2,690. Property taxes in Hamel are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hamel'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 Hamel 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
Hamel, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Hamel Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential property buyers to estimate their annual property taxes with ease. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Hamel to provide an accurate estimate of your property tax bill. This valuable tool offers clear insight into your potential tax liabilities, helping you make informed decisions. For those interested in more granular data, you can explore neighborhood-level trends further down the page. Your property’s assessed value, determined by Hennepin County, forms the basis for these calculations and includes any applicable exemptions.
Property Tax Rates Across Hamel, Minnesota
Property taxes in Hamel, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamel is 1.22%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hamel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamel 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 Hamel's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55340 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Hamel provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamel Tax Rate
1.22%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamel, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55340 | 1.05% | 1.12% | 1.22% | 1.30% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Hamel, Minnesota
In Hamel, 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 Hennepin County Assessor's Office 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 Hamel, 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 Hamel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55340, with a median bill of $7,272.
Average Hamel Assessed Value
$566,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamel, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55340 | $145,000 | $377,000 | $566,000 | $740,000 | $966,100 |
Source: Ownwell
Property Tax Bills Across Hamel, Minnesota
Property tax bills in Hamel, located in Hennepin County, MN, are calculated based on the assessed value of a property. This assessed value is determined by local assessors who evaluate the market value of the property. Once the market value is established, the assessed value is typically a percentage of this market value, which then becomes the basis for the property tax bill. Several factors contribute to determining the tax bill, including the property's location, its assessed value, and the local tax rate. In Hamel, the median home price stands at $566,000. Homeowners in the 25th percentile can expect a tax bill around $5,046, while those in the 75th percentile might see a bill closer to $9,236. For those in the 90th percentile, the tax bill can be as high as $11,852. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Hamel experience a relatively higher tax burden, reflecting the area's property values and local tax policies.
Average Hamel Tax Bill
$7,272
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamel, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55340 | $3,531 | $5,046 | $7,272 | $9,236 | $11,852 |
Source: Ownwell