Henderson, Minnesota Property Taxes
The median property tax rate in Henderson, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $304,100, the typical annual property tax bill in Henderson reaches $2,528, falling below the national median of $2,690. Property taxes in Henderson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Henderson'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 Henderson or another part of Sibley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henderson, 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 Henderson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henderson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henderson 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 Henderson, Minnesota
Property taxes in Henderson, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henderson is 0.83%, lower than the U.S. national median of 0.99%. Local government entities within Henderson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henderson 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 Henderson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56044 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Henderson 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 Henderson Tax Rate
0.83%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henderson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56044 | 0.29% | 0.50% | 0.83% | 1.33% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Henderson, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Henderson, 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 Henderson, 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. For instance, the median home price in Henderson is $304,100, with tax bills ranging from $1,188 at the 25th percentile to $5,272 at the 90th percentile. The zip code 56044 has the highest and lowest median tax bill of $2,528. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Henderson Assessed Value
$304,100
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 Henderson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56044 | $56,560 | $172,600 | $304,100 | $478,200 | $717,020 |
Source: Ownwell
Property Tax Bills Across Henderson, Minnesota
In HENDERSON, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners in HENDERSON, the median home price is $304,100. The property tax bill varies significantly, with the 25th percentile paying around $1,188 and the 75th percentile paying approximately $3,872. Those in the 90th percentile face tax bills as high as $5,272. The highest median tax bill in the area is $2,528, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Henderson Tax Bill
$2,528
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Henderson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56044 | $384 | $1,188 | $2,528 | $3,872 | $5,272 |
Source: Ownwell