Hovland, Minnesota Property Taxes
The median property tax rate in Hovland, MN is 0.70%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $186,500 in Hovland, the typical annual property tax bill amounts to $1,394, which is below the national median of $2,690. Property taxes in Hovland are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hovland'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 Hovland or another part of Cook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hovland, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,305
Ownwell’s Hovland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hovland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hovland 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 Hovland, Minnesota
Property taxes in Hovland, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hovland is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Hovland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hovland 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 Hovland's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55606 has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Hovland provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hovland Tax Rate
0.70%
Average Cook County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hovland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55606 | 0.53% | 0.65% | 0.70% | 0.75% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Hovland, Minnesota
In Hovland, 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 Cook 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 Hovland, 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 Hovland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hovland are both $1,394, found in the zip code 55606.
Average Hovland Assessed Value
$186,500
Average Cook County Assessed Value
$271,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hovland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55606 | $63,700 | $94,100 | $186,500 | $349,500 | $561,280 |
Source: Ownwell
Property Tax Bills Across Hovland, Minnesota
Property tax bills in Hovland, located in Cook County, MN, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value typically reflects a percentage of the property's market value. Property tax rates, also known as mill rates, are then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. In Hovland, the median home price is $186,500, with tax bills ranging from $640 at the 25th percentile to $4,137 at the 90th percentile. The median property tax bill in the area is $1,394, which is above the national median rate of 0.99%. For homeowners, this means that property taxes can significantly impact annual expenses, influencing decisions about homeownership and financial planning. Understanding how these taxes are calculated helps homeowners anticipate their tax liabilities and manage their budgets effectively.
Average Hovland Tax Bill
$1,394
Average Cook County Tax Bill
$1,970
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hovland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55606 | $379 | $640 | $1,394 | $2,734 | $4,137 |
Source: Ownwell