Hill City, Minnesota Property Taxes
The median property tax rate in Hill City, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hill City at $173,950, the typical annual property tax bill is $1,138, falling well below the national median of $2,690. Property taxes in Hill City are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hill 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 Hill 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
Hill City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,322
Ownwell’s Hill City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hill City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hill City 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 Hill City, Minnesota
Property taxes in Hill City, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hill City stands at 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Hill City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hill 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 Hill City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55748 has both the highest and lowest median property tax rate in the area at 0.76%. Understanding how these cities compare with Hill City provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hill City Tax Rate
0.76%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hill City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55748 | 0.31% | 0.57% | 0.76% | 0.89% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Hill City, Minnesota
In Hill 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 Itasca 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 Hill 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 Hill City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $173,950, with tax bills ranging from $559 at the 25th percentile to $2,562 at the 90th percentile. The zip code 55748 has both the highest and lowest median tax bill at $1,138.
Average Hill City Assessed Value
$173,950
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hill City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55748 | $61,190 | $102,950 | $173,950 | $219,725 | $288,290 |
Source: Ownwell
Property Tax Bills Across Hill City, Minnesota
In Hill City, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the market value of similar properties in the area, improvements made to the property, and overall market conditions. For homeowners in Hill City, the median home price is $173,950. Property tax bills can vary significantly, with the 25th percentile tax bill at $559 and the 75th percentile tax bill at $1,732. The 90th percentile tax bill reaches $2,562, indicating a range of property values and corresponding tax obligations within the community. The highest and lowest median tax bills in the county are both recorded at $1,138 in ZIP code 55748. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly. Compared to the national median property tax rate of 0.99%, Hill City's tax bills reflect the local economic and property market conditions.
Average Hill City Tax Bill
$1,138
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hill City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55748 | $240 | $559 | $1,138 | $1,732 | $2,562 |
Source: Ownwell