Hillman, Minnesota Property Taxes
The median property tax rate in Hillman, MN is 0.78%, which is notably lower than the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $228,400 in Hillman, the typical annual property tax bill amounts to $1,439, falling below the national median of $2,690. Property taxes in Hillman are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hillman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hillman or any other part of Morrison County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillman, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Hillman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillman 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 Hillman, Minnesota
Property taxes in Hillman, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillman is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Hillman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillman 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 Hillman's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56338 has both the highest and lowest median property tax rate of 0.78%, reflecting uniformity in the tax landscape within the region. Understanding how these cities compare with Hillman provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillman Tax Rate
0.78%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56338 | 0.37% | 0.57% | 0.78% | 0.87% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Hillman, Minnesota
In Hillman, 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 Morrison 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 Hillman, 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. Notably, the highest median tax bill in Hillman is $1,439 in the 56338 zip code, and the lowest median tax bill is also $1,439 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillman Assessed Value
$228,400
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56338 | $34,780 | $108,325 | $228,400 | $336,800 | $462,380 |
Source: Ownwell
Property Tax Bills Across Hillman, Minnesota
In Hillman, located in Morrison County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the market value of the property, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $228,400, the property tax bill can vary significantly. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Hillman may see tax bills ranging from $680 at the 25th percentile to $3,185 at the 90th percentile, highlighting the variability in tax obligations. The median property tax rate in Hillman reflects broader national trends, providing a comparison point for homeowners. Understanding these factors helps homeowners anticipate their annual tax liabilities, enabling better financial planning and awareness of how local property values and tax rates impact their overall expenses.
Average Hillman Tax Bill
$1,439
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56338 | $259 | $680 | $1,439 | $2,304 | $3,185 |
Source: Ownwell