Hammond, Minnesota Property Taxes
The median property tax rate in Hammond, MN is 0.93%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hammond at $100,400, the typical annual property tax bill reaches $970, which is below the national median of $2,690. Property taxes in Hammond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hammond'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 Hammond or another part of Wabasha County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hammond, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$934
Ownwell’s Hammond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hammond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammond 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 Hammond, Minnesota
Property taxes in Hammond, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammond is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Hammond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammond 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 Hammond's effective property tax rate to other areas in Wabasha County and the national median. For comparison, the zip code 55991 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Hammond provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hammond Tax Rate
0.93%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hammond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | 0.71% | 0.82% | 0.93% | 1.03% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Hammond, Minnesota
In Hammond, 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 Wabasha 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 Hammond, 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 Hammond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55991, with a median tax bill of $970.
Average Hammond Assessed Value
$100,400
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hammond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | $15,000 | $59,000 | $100,400 | $192,900 | $245,760 |
Source: Ownwell
Property Tax Bills Across Hammond, Minnesota
In Hammond, Wabasha County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. For instance, with a median home price of $100,400, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $684 annually, while those in the 75th percentile may see bills as high as $1,792. The 90th percentile can reach up to $2,204. These figures highlight the range of tax burdens depending on property values and assessment accuracy. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hammond's rates reflect localized economic conditions and municipal budget needs. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly. The highest and lowest median tax bills in the area both stand at $970, specifically in the 55991 zip code, indicating some consistency in tax assessments within that locality.
Average Hammond Tax Bill
$970
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55991 | $260 | $684 | $970 | $1,792 | $2,204 |
Source: Ownwell