Hamburg, Minnesota Property Taxes
The median property tax rate in Hamburg, MN is 0.60%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hamburg, the typical annual property tax bill reaches $2,962, slightly above the national median of $2,690. Property taxes in Hamburg 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 Hamburg'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 Hamburg 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
Hamburg, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$2,668
Ownwell’s Hamburg Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hamburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamburg to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, enabling better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Hamburg, Minnesota
Property taxes in Hamburg, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamburg is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Hamburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamburg 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 Hamburg's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55339 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Hamburg provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamburg Tax Rate
0.60%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55339 | 0.32% | 0.36% | 0.60% | 0.88% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hamburg, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hamburg, 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 Sibley 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 Hamburg, 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. The median home price in Hamburg is $444,600, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $2,063, while the 75th percentile tax bill is $4,462. The highest and lowest median tax bills are both $2,962 in zip code 55339. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hamburg Assessed Value
$444,600
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55339 | $230,160 | $329,850 | $444,600 | $730,000 | $1,350,020 |
Source: Ownwell
Property Tax Bills Across Hamburg, Minnesota
In Hamburg, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. Factors such as the home's size, location, and market conditions influence this valuation. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $444,600, homeowners in Hamburg can expect varying tax bills. The 25th percentile tax bill is around $2,063, while the 75th percentile reaches approximately $4,462. At the 90th percentile, tax bills can soar to $6,014. These figures highlight the range of property tax burdens faced by residents. Compared to the national median property tax rate of 0.99%, Hamburg's rates can significantly impact homeowners' finances. Understanding these factors helps residents anticipate their annual property tax obligations and plan accordingly, ensuring they are prepared for the financial responsibilities of homeownership in this region.
Average Hamburg Tax Bill
$2,962
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55339 | $1,126 | $2,063 | $2,962 | $4,462 | $6,014 |
Source: Ownwell