Hayfield, Minnesota Property Taxes
The median property tax rate in Hayfield, MN is 0.82%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hayfield, the typical annual property tax bill reaches $2,192, which is below the national median of $2,690. Property taxes in Hayfield are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hayfield'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 Hayfield or another part of Olmsted County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hayfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$2,203
Ownwell’s Hayfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hayfield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hayfield to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hayfield, Minnesota
Property taxes in Hayfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hayfield is 0.82%, which is lower than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Hayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hayfield 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 Hayfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Olmsted County is also 0.82%, while the lowest median tax rate is similarly 0.82%. Understanding how these cities compare with Hayfield provides valuable insights into the varying tax landscape across Olmsted County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hayfield Tax Rate
0.82%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hayfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55940 | 0.78% | 0.81% | 0.82% | 0.84% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Hayfield, Minnesota
In Hayfield, 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 Olmsted 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 Hayfield, 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 Hayfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Hayfield are both $2,192, found in the 55940 zip code.
Average Hayfield Assessed Value
$268,600
Average Olmsted County Assessed Value
$264,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hayfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55940 | $188,420 | $213,050 | $268,600 | $298,100 | $343,100 |
Source: Ownwell
Property Tax Bills Across Hayfield, Minnesota
In Hayfield, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates various factors such as the property's size, location, and market conditions. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Hayfield, the property tax rate plays a significant role in their financial planning. The median home price in the area is $268,600, with tax bills ranging from $1,684 at the 25th percentile to $3,173 at the 90th percentile. Comparatively, the highest and lowest median tax bills both stand at $2,192 in the 55940 zip code. This system ensures that property tax contributions are proportional to property values, affecting homeowners differently based on their home's assessed value. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Hayfield Tax Bill
$2,192
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hayfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55940 | $1,469 | $1,684 | $2,192 | $2,455 | $3,173 |
Source: Ownwell