Hendricks, Minnesota Property Taxes
The median property tax rate in Hendricks, MN is 0.72%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hendricks at $209,350, the typical annual property tax bill reaches $1,440, which is below the national median of $2,690. Property taxes in Hendricks 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 Hendricks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hendricks 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
Hendricks, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,507
Ownwell’s HENDRICKS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HENDRICKS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HENDRICKS 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 Hendricks, Minnesota
Property taxes in Hendricks, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hendricks is 0.95%, slightly lower than the Minnesota state median of 1.05% but still close to the U.S. national median of 0.99%. Local government entities within Hendricks set these rates annually, and they can vary across different neighborhoods. Each year, Hendricks 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 Hendricks' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56136 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Hendricks provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hendricks Tax Rate
0.72%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hendricks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56136 | 0.18% | 0.33% | 0.72% | 1.48% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Hendricks, Minnesota
In Hendricks, 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 Lincoln 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 Hendricks, 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 Hendricks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,440, specifically in the 56136 zip code.
Average Hendricks Assessed Value
$209,350
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hendricks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56136 | $18,700 | $77,975 | $209,350 | $454,125 | $970,130 |
Source: Ownwell
Property Tax Bills Across Hendricks, Minnesota
In Hendricks, Lincoln County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Hendricks is $209,350, which serves as a benchmark for determining tax obligations. Local authorities assess properties to establish their taxable value, considering factors such as property size, location, and market conditions. For example, homeowners in the 25th percentile of the assessed value spectrum pay around $604 annually, while those in the 75th percentile face bills of approximately $2,434. At the higher end, the 90th percentile tax bills can reach up to $3,955. The median tax bill in the 56136 zip code is $1,440, which is higher than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual financial planning and overall cost of homeownership. Understanding these factors helps residents anticipate their tax liabilities and manage their budgets accordingly.
Average Hendricks Tax Bill
$1,440
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hendricks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56136 | $186 | $604 | $1,440 | $2,434 | $3,955 |
Source: Ownwell