Hokah, Minnesota Property Taxes
The median property tax rate in Hokah, MN is 1.27%, which is notably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hokah at $189,250, the typical annual property tax bill amounts to $2,577, just below the national median of $2,690. Property taxes in Hokah are determined based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Hokah'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 Hokah or another part of Houston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hokah, 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 Hokah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hokah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hokah 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 Hokah, Minnesota
Property taxes in Hokah, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hokah is 1.27%, notably higher than the U.S. national median of 0.99%. Local government entities within Hokah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hokah 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 Hokah's effective property tax rate to other areas in Houston County and the national median. For comparison, the zip code 55941 has both the highest and lowest median property tax rate of 1.27%. Understanding how these cities compare with Hokah provides valuable insights into the varying tax landscape across Houston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hokah Tax Rate
1.27%
Average Houston County Tax Rate
1.20%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hokah, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55941 | 0.55% | 0.89% | 1.27% | 1.85% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Hokah, Minnesota
In Hokah, 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 Houston County Appraisal District 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 Hokah, 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. The median home price in Hokah is $189,250, with tax bills ranging from $1,664 at the 25th percentile to $4,469 at the 90th percentile. The highest and lowest median tax bills, both at $2,577, can be found in the 55941 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Hokah Assessed Value
$189,250
Average Houston County Assessed Value
$221,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hokah, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55941 | $44,750 | $130,825 | $189,250 | $287,425 | $456,500 |
Source: Ownwell
Property Tax Bills Across Hokah, Minnesota
In Hokah, Houston County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $189,250, homeowners can expect a range in tax bills. The 25th percentile tax bill is around $1,664, while the 75th percentile tax bill reaches approximately $3,440. The highest tax bills, at the 90th percentile, can climb to $4,469. These calculations impact homeowners significantly, as higher assessed values and tax rates lead to higher tax bills. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens. Homeowners in Hokah should be aware of these factors as they directly influence annual financial obligations and overall affordability.
Average Hokah Tax Bill
$2,577
Average Houston County Tax Bill
$2,534
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hokah, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55941 | $855 | $1,664 | $2,577 | $3,440 | $4,469 |
Source: Ownwell