Hutchinson, Minnesota Property Taxes
The median property tax rate in Hutchinson, MN is 1.49%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $25,600 in Hutchinson, the typical annual property tax bill reaches $484, which is below the national median of $2,690. Property taxes in Hutchinson 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 Hutchinson'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 Hutchinson 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
Hutchinson, 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 Hutchinson Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Hutchinson with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hutchinson to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making financial planning easier. For those interested in neighborhood-specific trends, more localized information is available as you scroll down. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Hutchinson, Minnesota
Property taxes in Hutchinson, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hutchinson is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hutchinson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hutchinson 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 Hutchinson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55350 zip code has both the highest and lowest median property tax rate of 1.49%. Understanding how these areas compare with Hutchinson provides valuable insights into the varying tax landscape across McLeod County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hutchinson Tax Rate
1.49%
Average Mcleod County Tax Rate
1.47%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hutchinson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55350 | 0.89% | 1.07% | 1.49% | 1.84% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Hutchinson, Minnesota
In Hutchinson, 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 McLeod 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 Hutchinson, 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 Hutchinson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55350 has both the highest and lowest median tax bills, each at $484.
Average Hutchinson Assessed Value
$25,600
Average Mcleod County Assessed Value
$25,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hutchinson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55350 | $1,460 | $10,600 | $25,600 | $49,700 | $97,780 |
Source: Ownwell
Property Tax Bills Across Hutchinson, Minnesota
In Hutchinson, property tax bills are determined by assessing the market value of a property and then applying the local tax rate. The assessed value is a critical factor, as it represents the estimated market value of the home. Once the assessed value is established, the local property tax rate is applied to calculate the annual tax bill. For homeowners in Hutchinson, the median home price is $25,600, with property tax bills ranging from $310 at the 25th percentile to $1,447 at the 90th percentile. The median tax bill in the area is $484, which is relatively low compared to the national median property tax rate of 0.99%. This means that homeowners in Hutchinson generally pay less in property taxes compared to the national average. Understanding these factors helps homeowners anticipate their annual property tax expenses and budget accordingly. Lower property taxes can make homeownership more affordable, potentially increasing the attractiveness of living in Hutchinson.
Average Hutchinson Tax Bill
$484
Average Mcleod County Tax Bill
$460
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hutchinson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55350 | $72 | $310 | $484 | $706 | $1,447 |
Source: Ownwell