Hector, Minnesota Property Taxes
The median property tax rate in Hector, MN is 0.61%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hector at $323,100, the typical annual property tax bill is $2,234, which is below the national median of $2,690. Property taxes in Hector are based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Hector'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 Hector 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
Hector, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,971
Ownwell’s Hector Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hector with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hector 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 Hector, Minnesota
Property taxes in Hector, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hector is 0.61%, lower than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Hector set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hector 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 Hector's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55342 zip code has the highest median property tax rate of 0.61%, while the 55342 zip code has the lowest median tax rate of 0.61%. Understanding how these cities compare with Hector 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 Hector Tax Rate
0.61%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hector, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55342 | 0.28% | 0.32% | 0.61% | 0.71% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Hector, Minnesota
In Hector, 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 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 Hector, 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 Hector helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hector is $323,100, with the highest and lowest median tax bills both being $2,234 in the 55342 zip code.
Average Hector Assessed Value
$323,100
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 Hector, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55342 | $66,940 | $68,200 | $323,100 | $392,800 | $684,880 |
Source: Ownwell
Property Tax Bills Across Hector, Minnesota
In Hector, located in Sibley County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. For example, with a median home price of $323,100, homeowners in Hector can expect their property tax bills to vary widely. Tax bills in the 25th percentile amount to $598, while those in the 75th percentile reach $2,286, and the 90th percentile sees bills as high as $2,346. These figures indicate a significant range in property tax obligations, influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hector's tax rates can be either a burden or a relief for homeowners, depending on where their property falls within the assessed value spectrum. Understanding these variables helps homeowners better anticipate their annual property tax liabilities.
Average Hector Tax Bill
$2,234
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hector, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55342 | $365 | $598 | $2,234 | $2,286 | $2,346 |
Source: Ownwell