Hugo, Minnesota Property Taxes
The median property tax rate in Hugo, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hugo, the typical annual property tax bill reaches $4,671, exceeding the national median of $2,690. Property taxes in Hugo 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 Hugo'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 Hugo 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
Hugo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$4,664
Ownwell’s Hugo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hugo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hugo 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 Hugo, Minnesota
Property taxes in Hugo, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hugo is 1.20%, which is significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hugo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hugo 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 Hugo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55038 zip code has the highest median property tax rate of 1.20%, while the 55038 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Hugo provides valuable insights into the varying tax landscape across Ramsey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hugo Tax Rate
1.20%
Average Ramsey County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hugo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55038 | 1.20% | 1.20% | 1.20% | 1.20% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Hugo, Minnesota
In Hugo, 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 Ramsey 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 Hugo, 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 Hugo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55038, with a median tax bill of $4,671.
Average Hugo Assessed Value
$388,650
Average Ramsey County Assessed Value
$300,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hugo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55038 | $340,290 | $358,425 | $388,650 | $418,875 | $437,010 |
Source: Ownwell
Property Tax Bills Across Hugo, Minnesota
In Hugo, located in Ramsey County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Hugo is $388,650. Property taxes are determined by multiplying this assessed value by the local tax rate. In Hugo, the tax bills can vary significantly, with the 25th percentile tax bill at $4,298 and the 75th percentile tax bill at $5,044. For those in the 90th percentile, the tax bill reaches $5,269. These variations depend on factors like property size, location, and any applicable exemptions or deductions. Homeowners in Hugo experience property tax bills that are above the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual housing costs, which may affect budgeting and financial planning. Understanding these factors is crucial for homeowners who need to anticipate and manage their property tax obligations effectively.
Average Hugo Tax Bill
$4,671
Average Ramsey County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hugo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55038 | $4,073 | $4,298 | $4,671 | $5,044 | $5,269 |
Source: Ownwell