Hampton, Minnesota Property Taxes
The median property tax rate in Hampton, MN is 0.74%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hampton at $374,200, the typical annual property tax bill reaches $2,796, slightly above the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton 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
Hampton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,769
Ownwell’s Hampton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Minnesota
Property taxes in Hampton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55031 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Hampton provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
0.74%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55031 | 0.47% | 0.62% | 0.74% | 0.88% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hampton, 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 Dakota County Assessor 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 Hampton, 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, in Hampton, the median home price is $374,200, with tax bills ranging from $2,153 at the 25th percentile to $4,392 at the 90th percentile. The highest and lowest median tax bills are both $2,796 in the zip code 55031. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hampton Assessed Value
$374,200
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55031 | $59,760 | $275,400 | $374,200 | $500,000 | $678,180 |
Source: Ownwell
Property Tax Bills Across Hampton, Minnesota
In Hampton, Dakota 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. Homeowners in Hampton face a property tax rate that is influenced by various factors, including local government budgets and public service funding needs. The median home price in Hampton is $374,200. Property tax bills can vary significantly; for instance, the tax bill at the 25th percentile is $2,153, while at the 75th percentile, it reaches $3,419. For those at the 90th percentile, the bill can be as high as $4,392. These figures show how property taxes can impact homeowners differently based on their property values. Compared to the national median property tax rate of 0.99%, Hampton's property taxes reflect the local economic and governmental landscape. Homeowners need to be aware of these factors as they can significantly influence their annual expenses and overall financial planning.
Average Hampton Tax Bill
$2,796
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55031 | $410 | $2,153 | $2,796 | $3,419 | $4,392 |
Source: Ownwell