Holmes City, Minnesota Property Taxes
The median property tax rate in Holmes City, MN, is 0.76%, 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 $151,250 in Holmes City, the typical annual property tax bill amounts to $1,172, falling below the national median of $2,690. Property taxes in Holmes City are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Holmes City'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 Holmes City 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
Holmes City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,150
Ownwell’s Holmes City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Holmes City with just two key data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Holmes City to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in more granular insights, scroll down to explore neighborhood-level trends. Your property’s assessed value is determined by the county for tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Holmes City, Minnesota
Property taxes in Holmes City, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Holmes City is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Holmes City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holmes City 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 Holmes City's effective property tax rate to other areas in Douglas County and the national median. For comparison, the zip code 56341 has both the highest and lowest median property tax rate in the area at 0.76%. Understanding how these figures compare with Holmes City provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holmes City Tax Rate
0.76%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holmes City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56341 | 0.71% | 0.72% | 0.76% | 0.79% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Holmes City, Minnesota
In Holmes City, 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 Douglas 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 Holmes City, 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 Holmes City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1172 in the 56341 zip code, while the lowest is also $1172 in the same zip code.
Average Holmes City Assessed Value
$151,250
Average Douglas County Assessed Value
$264,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holmes City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56341 | $70,080 | $82,200 | $151,250 | $167,625 | $188,580 |
Source: Ownwell
Property Tax Bills Across Holmes City, Minnesota
In Holmes City, located in Douglas County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Holmes City is $151,250, and the property tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Holmes City typically see a range of property tax bills, with the 25th percentile at $673 and the 75th percentile at $1,261. At the 90th percentile, tax bills can reach up to $1,446. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These factors combine to determine the final tax amount, which directly impacts homeowners by affecting their annual financial obligations. Compared to the national median property tax rate of 0.99%, Holmes City's tax rates can offer some relief, but the exact impact varies depending on individual home values and local assessments.
Average Holmes City Tax Bill
$1,172
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Holmes City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56341 | $570 | $673 | $1,172 | $1,261 | $1,446 |
Source: Ownwell