Hutchinson, Minnesota Property Taxes
The median property tax rate in Hutchinson, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $291,000 in Hutchinson, the typical annual property tax bill is $2,084, which is below the national median of $2,690. Property taxes in Hutchinson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hutchinson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hutchinson or another part of Renville County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hutchinson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,601
Ownwell’s Hutchinson Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hutchinson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hutchinson to provide an estimated 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 Hutchinson, Minnesota
Property taxes in Hutchinson, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Hutchinson stands at 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hutchinson set these rates annually, leading to potential variations across different neighborhoods. Each year, Hutchinson estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 for setting property tax rates. The data below compares Hutchinson's effective property tax rate to other areas and the national median. For comparison, the highest and lowest median property tax rates in the region are both 0.55%, found in the zip code 55350. Understanding how these figures compare with Hutchinson provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hutchinson Tax Rate
0.55%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hutchinson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55350 | 0.26% | 0.34% | 0.55% | 0.72% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hutchinson, Minnesota
In Hutchinson, 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 Renville 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 Hutchinson, 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 Hutchinson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55350 has the highest and lowest median tax bill at $2,084.
Average Hutchinson Assessed Value
$291,000
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hutchinson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55350 | $258,100 | $259,600 | $291,000 | $680,400 | $1,265,900 |
Source: Ownwell
Property Tax Bills Across Hutchinson, Minnesota
In Hutchinson, located in Renville County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the property tax rate, which is set by local taxing authorities, is applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and improvements, as well as the local government's budgetary needs. For example, homeowners in Hutchinson can expect a median property tax bill of around $2,084. This figure can vary widely, with the 25th percentile tax bill at approximately $1,473 and the 75th percentile reaching $2,562. The highest tax bills, around the 90th percentile, can go up to $3,578. Compared to the national median property tax rate of 0.99%, Hutchinson's rates can significantly impact homeowners' finances, making it crucial for them to understand how their tax bills are determined and managed.
Average Hutchinson Tax Bill
$2,084
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hutchinson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55350 | $1,194 | $1,473 | $2,084 | $2,562 | $3,578 |
Source: Ownwell