Hastings, Minnesota Property Taxes
The median property tax rate in Hastings, MN is 0.86%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hastings at $408,400, the typical annual property tax bill reaches $3,405, surpassing the national median of $2,690. Property taxes in Hastings 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 Hastings'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 Hastings 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
Hastings, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$3,512
Ownwell’s Hastings Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to 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 provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Goodhue County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hastings, Minnesota
Property taxes in Hastings, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hastings is 0.86%, which is below 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 zip code 55033 has the highest median property tax rate of 0.86%, while the same zip code, 55033, also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Hastings provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hastings Tax Rate
0.86%
Average Goodhue County Tax Rate
1.21%
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 | 0.51% | 0.79% | 0.86% | 0.88% | 0.92% |
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 Goodhue 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. The highest median tax bill in the area is $3,405 in the 55033 zip code, which also has the lowest median tax bill at the same amount.
Average Hastings Assessed Value
$408,400
Average Goodhue County Assessed Value
$266,700
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 | $256,730 | $344,575 | $408,400 | $616,500 | $839,910 |
Source: Ownwell
Property Tax Bills Across Hastings, Minnesota
In Hastings, located in Goodhue County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors such as property size, location, and improvements influence this assessed value. Homeowners in Hastings experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $2,508, while the 75th percentile reaches $4,110, and the 90th percentile can be as high as $6,256. The median home price in Hastings is $408,400, and the median tax bill stands at $3,405, which is above the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing the annual cost of owning property, making it essential for residents to understand how their tax bill is calculated and to explore potential exemptions or appeals to manage their expenses effectively.
Average Hastings Tax Bill
$3,405
Average Goodhue County Tax Bill
$3,110
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 | $2,003 | $2,508 | $3,405 | $4,110 | $6,256 |
Source: Ownwell