Henriette, Minnesota Property Taxes
The median property tax rate in Henriette, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Henriette at $24,450, the typical annual property tax bill reaches $303, which is significantly lower than the national median of $2,690. Property taxes in Henriette 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 Henriette'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 Henriette or another part of Pine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henriette, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$293
Ownwell’s Henriette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henriette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henriette 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 Henriette, Minnesota
Property taxes in Henriette, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Henriette is 1.20%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Henriette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henriette 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 Henriette's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55036 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Henriette provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henriette Tax Rate
1.20%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henriette, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55036 | 0.82% | 0.90% | 1.20% | 1.42% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Henriette, Minnesota
In Henriette, 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 Pine County Assessor's Office 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 Henriette, 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. The highest median tax bill in Henriette is $303 in the 55036 zip code, while the lowest is also $303 in the same zip code. Being aware of these valuation processes in Henriette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Henriette Assessed Value
$24,450
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henriette, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55036 | $6,020 | $15,325 | $24,450 | $60,450 | $130,070 |
Source: Ownwell
Property Tax Bills Across Henriette, Minnesota
Property tax bills in Henriette, located in Pine County, MN, are determined by several key factors. The primary component is the assessed value of the property, which is based on the market value. In Henriette, the median home price is $24,450. The local tax rate is then applied to this assessed value to calculate the tax bill. For example, homeowners within the 25th percentile pay around $164 annually, while those in the 75th percentile see bills closer to $974. At the higher end, the 90th percentile tax bill reaches approximately $1,620. These property tax bills are influenced by local government budgets and funding requirements for services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Henriette's rates can significantly impact homeowners, especially given the relatively low median home price. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Henriette Tax Bill
$303
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Henriette, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55036 | $59 | $164 | $303 | $974 | $1,620 |
Source: Ownwell