Hill City, Minnesota Property Taxes
The median property tax rate in Hill City, MN is 0.63%, significantly 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, the typical annual property tax bill amounts to $640, which is well below the national median of $2,690. Property taxes in Hill City 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 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
0.63%
Estimate Property Tax Bill
$647
Ownwell’s Hill City Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hill City using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hill City to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-level trends, additional localized information is available by scrolling down. Your property’s assessed value is the figure assigned by Aitkin County for property tax calculations, including any applicable exemptions.
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 is 0.63%, which is lower than both the Minnesota state median and 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 55748 zip code has the highest median property tax rate of 0.63%, while the 55748 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Hill City provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hill City Tax Rate
0.63%
Average Aitkin County Tax Rate
0.51%
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 | 0.36% | 0.53% | 0.63% | 0.98% | 1.10% |
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 Aitkin 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 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 zip code with the highest and lowest median tax bill is 55748, both at $640.
Average Hill City Assessed Value
$102,700
Average Aitkin County Assessed Value
$189,500
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 | $6,000 | $33,800 | $102,700 | $201,150 | $313,450 |
Source: Ownwell
Property Tax Bills Across Hill City, Minnesota
Property tax bills in Hill City, located in Aitkin County, MN, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $102,700, property taxes are then calculated by applying the local tax rate to this assessed value. In Hill City, the tax bills can vary significantly, with the 25th percentile at $228 and the 75th percentile reaching $1,224. The tax bill for the 90th percentile climbs to $1,954, indicating that higher-valued properties incur higher taxes. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Hill City may find their tax bills higher or lower depending on these variables. Compared to the national median property tax rate of 0.99%, Hill City's tax rates can be seen as relatively moderate, offering a balanced approach to property taxation that supports local services and infrastructure.
Average Hill City Tax Bill
$640
Average Aitkin County Tax Bill
$932
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 | $46 | $228 | $640 | $1,224 | $1,954 |
Source: Ownwell