Hadley, Minnesota Property Taxes
The median property tax rate in Hadley, MN is 0.43%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hadley at $240,100, the typical annual property tax bill reaches $967, significantly below the national median of $2,690. Property taxes in Hadley 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 Hadley'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 Hadley 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
Hadley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,032
Ownwell’s Hadley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hadley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hadley 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 Hadley, Minnesota
Property taxes in Hadley, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hadley is 0.43%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hadley set these rates annually, and they can vary across different neighborhoods. Each year, Hadley 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 Hadley's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56151 has both the highest and lowest median property tax rate of 0.43%. Understanding how these areas compare with Hadley provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hadley Tax Rate
0.43%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hadley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | 0.14% | 0.27% | 0.43% | 0.68% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Hadley, Minnesota
In Hadley, 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 Murray 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 Hadley, 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 Hadley is $240,100, with tax bills ranging from $480 at the 25th percentile to $2,997 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 56151, each at $967. 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 Hadley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hadley Assessed Value
$240,100
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hadley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | $36,520 | $98,650 | $240,100 | $450,625 | $1,485,590 |
Source: Ownwell
Property Tax Bills Across Hadley, Minnesota
In Hadley, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $240,100, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $480, while those in the 75th percentile could face a bill closer to $1,828. The top 10% of homeowners pay as much as $2,997. These variations are influenced by factors such as property size, location, and market conditions. For context, the national median property tax rate is 0.99%, making Hadley's property taxes relatively moderate. Homeowners must budget for these taxes as they can impact overall housing affordability and long-term financial planning. By understanding these factors, residents can better anticipate their annual tax obligations and plan accordingly.
Average Hadley Tax Bill
$967
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hadley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56151 | $285 | $480 | $967 | $1,828 | $2,997 |
Source: Ownwell