Halstad, Minnesota Property Taxes
The median property tax rate in Halstad, MN is 1.27%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Halstad, the typical annual property tax bill reaches $1,282, which is below the national median of $2,690. Property taxes in Halstad 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 Halstad'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 Halstad 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
Halstad, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,598
Ownwell’s Halstad Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Halstad with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Halstad 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 Halstad, Minnesota
Property taxes in Halstad, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Halstad is 1.27%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Halstad set these rates annually, and they can vary significantly across different neighborhoods. Each year, Halstad 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 Halstad's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56548 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Halstad provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Halstad Tax Rate
1.27%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Halstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56548 | 0.63% | 1.07% | 1.27% | 1.57% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Halstad, Minnesota
In Halstad, 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 Norman 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 Halstad, 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 Halstad helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Halstad is $125,800, with tax bills ranging from the 25th percentile at $666 to the 75th percentile at $2,020. The highest and lowest median tax bills are both $1,282 in zip code 56548.
Average Halstad Assessed Value
$125,800
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Halstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56548 | $13,880 | $55,200 | $125,800 | $184,600 | $225,420 |
Source: Ownwell
Property Tax Bills Across Halstad, Minnesota
In Halstad, Norman County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $125,800, homeowners can expect varying tax bills depending on their specific property assessments and applicable exemptions. Factors such as property size, location, and any improvements made to the home can influence the assessed value, thereby affecting the tax bill. In Halstad, the tax bill ranges significantly, with the 25th percentile at $666 and the 75th percentile reaching $2,020. At the higher end, the 90th percentile tax bill can be as much as $3,134. Comparatively, the highest median tax bill in the area stands at $1,282. These property taxes play a crucial role in funding local services such as schools, infrastructure, and public safety, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated helps homeowners plan their finances and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Halstad Tax Bill
$1,282
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Halstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56548 | $248 | $666 | $1,282 | $2,020 | $3,134 |
Source: Ownwell