Hastings, Minnesota Property Taxes
The median property tax rate in Hastings, MN is 0.79%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $581,000 in Hastings, the typical annual property tax bill amounts to $4,641, significantly surpassing the national median of $2,690. Property taxes in Hastings are determined based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hastings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hastings or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hastings, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$4,590
Ownwell’s Hastings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hastings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hastings 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 Hastings, Minnesota
Property taxes in Hastings, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hastings is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Hastings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hastings 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 Hastings' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55033 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Hastings provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hastings Tax Rate
0.79%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hastings, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55033 | 0.76% | 0.76% | 0.79% | 0.82% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Hastings, Minnesota
In Hastings, 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 Washington 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 Hastings, 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 Hastings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55033 has both the highest and lowest median tax bill at $4,641, reflecting a significant impact on local property owners.
Average Hastings Assessed Value
$581,000
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hastings, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55033 | $377,730 | $453,550 | $581,000 | $695,950 | $874,250 |
Source: Ownwell
Property Tax Bills Across Hastings, Minnesota
In Hastings, located in Washington County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, with a median home price of $581,000, homeowners can expect varying tax bills depending on the specific valuation and tax bracket they fall into. Factors such as property size, location, and improvements can influence the assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Hastings, the median property tax rate is closely aligned with the national median of 0.99%. Homeowners in the lower 25th percentile can expect tax bills around $3,855, while those in the 75th percentile might see bills closer to $5,623. The highest tax bills, in the 90th percentile, can reach up to $7,335. This system ensures that tax contributions are proportionate to property values, impacting homeowners' annual financial planning.
Average Hastings Tax Bill
$4,641
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hastings, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55033 | $3,214 | $3,855 | $4,641 | $5,623 | $7,335 |
Source: Ownwell