Hardwick, Minnesota Property Taxes
The median property tax rate in Hardwick, MN is 0.79%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hardwick at $90,600, the typical annual property tax bill is $673, which is well below the national median of $2,690. Property taxes in Hardwick 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 Hardwick'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 Hardwick 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
Hardwick, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Hardwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hardwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hardwick 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 Hardwick, Minnesota
Property taxes in Hardwick, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hardwick is 0.79%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hardwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hardwick 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 Hardwick's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56134 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Hardwick provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hardwick Tax Rate
0.79%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hardwick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56134 | 0.48% | 0.54% | 0.79% | 0.89% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Hardwick, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hardwick, Minnesota. 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 Rock 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. 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 Hardwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hardwick are both $673 in the 56134 zip code, providing a clear picture of the local tax landscape.
Average Hardwick Assessed Value
$90,600
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hardwick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56134 | $4,820 | $31,100 | $90,600 | $167,225 | $264,720 |
Source: Ownwell
Property Tax Bills Across Hardwick, Minnesota
In Hardwick, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For residents of Hardwick, the median home price is $90,600. The tax bill varies significantly, with the 25th percentile at $271 and the 75th percentile at $1,074. At the 90th percentile, homeowners can expect to pay around $1,629 annually. These figures highlight the range of property tax burdens within the area, reflecting differences in property values and assessments. Homeowners in Hardwick should be aware that their property tax bills can impact their overall housing costs, potentially influencing decisions about buying or selling property. Understanding how these taxes are calculated and the factors that affect them can help homeowners better manage their financial planning.
Average Hardwick Tax Bill
$673
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hardwick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56134 | $30 | $271 | $673 | $1,074 | $1,629 |
Source: Ownwell