Hayward, Minnesota Property Taxes
The median property tax rate in Hayward, MN is 1.46%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hayward, the typical annual property tax bill reaches $1,804, exceeding the national median of $2,690. Property taxes in Hayward 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 Hayward'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 Hayward 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
Hayward, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$1,916
Ownwell’s Hayward Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hayward with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hayward 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 Hayward, Minnesota
Property taxes in Hayward, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hayward is 1.46%, which is higher than the U.S. national median of 0.99%. Local government entities within Hayward set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hayward 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 Hayward's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56043 zip code in Freeborn County has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these areas compare with Hayward provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hayward Tax Rate
1.46%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hayward, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56043 | 0.49% | 0.92% | 1.46% | 1.73% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Hayward, Minnesota
In Hayward, 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 Freeborn 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 Hayward, 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. For instance, the median home price in Hayward is $131,200, with annual tax bills ranging from $910 at the 25th percentile to $4,266 at the 90th percentile. 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 Hayward helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hayward Assessed Value
$131,200
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hayward, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56043 | $38,740 | $64,600 | $131,200 | $263,300 | $724,200 |
Source: Ownwell
Property Tax Bills Across Hayward, Minnesota
Property tax bills in Hayward, Freeborn County, MN, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the home. Factors such as property size, location, and improvements can influence this value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Hayward, the median home price is $131,200. Homeowners in the 25th percentile can expect a tax bill around $910, while those in the 75th percentile might see bills up to $2,962. For the top 10% of properties, tax bills can reach $4,266. These property taxes fund essential community services such as schools, public safety, and infrastructure. While the national median property tax rate is 0.99%, local rates can vary, impacting the overall tax burden on homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Hayward Tax Bill
$1,804
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hayward, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56043 | $594 | $910 | $1,804 | $2,962 | $4,266 |
Source: Ownwell