Henning, Minnesota Property Taxes
The median property tax rate in Henning, MN is 0.66%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Henning at $184,500, the typical annual property tax bill reaches $1,287, significantly below the national median of $2,690. Property taxes in Henning 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 Henning'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 Henning 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
Henning, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,218
Ownwell’s Henning Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Henning with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Henning to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities with ease. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Henning, Minnesota
Property taxes in Henning, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Henning is 1.10%, significantly higher than both the Minnesota state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Henning set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henning 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 Henning's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56551 has the highest median property tax rate of 1.10%, while the same ZIP code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Henning provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henning Tax Rate
0.66%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henning, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56551 | 0.51% | 0.60% | 0.66% | 0.77% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Henning, Minnesota
In Henning, 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 Otter Tail 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 Henning, 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 Henning helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Henning are both $1,287, found in the 56551 zip code.
Average Henning Assessed Value
$184,500
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henning, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56551 | $34,260 | $91,175 | $184,500 | $329,600 | $500,050 |
Source: Ownwell
Property Tax Bills Across Henning, Minnesota
In Henning, located in Otter Tail 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 and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and any improvements made. For a median home price of $184,500, homeowners in Henning can expect varying tax bills. At the 25th percentile, tax bills are around $736, while at the 75th percentile, they rise to approximately $2,108. The 90th percentile sees tax bills as high as $3,156. These property taxes fund essential local services, such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Henning's property tax rates can significantly impact homeowners' annual expenses, making it crucial to understand how these taxes are calculated and managed.
Average Henning Tax Bill
$1,287
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Henning, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56551 | $240 | $736 | $1,287 | $2,108 | $3,156 |
Source: Ownwell