Huntley, Minnesota Property Taxes
The median property tax rate in Huntley, MN is 1.15%, which is higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Huntley, the typical annual property tax bill amounts to $568, surpassing the national median of $2,690. Property taxes in Huntley are determined 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. By gaining a comprehensive understanding of Huntley's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're residing in Huntley or investing in property there, being well-versed in the local property tax system can yield substantial financial benefits.
Last Updated June 14, 2024
Huntley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$589
Ownwell’s HUNTLEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HUNTLEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HUNTLEY 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 Huntley, Minnesota
Property taxes in Huntley, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Huntley is 1.15%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Huntley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Huntley 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 Huntley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56047 zip code has both the highest and lowest median property tax rate of 1.15%. Understanding how these cities compare with Huntley provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Huntley Tax Rate
1.15%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Huntley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56047 | 0.98% | 1.02% | 1.15% | 1.37% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Huntley, Minnesota
In Huntley, 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 Faribault County Assessor 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 Huntley, 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. For instance, the median home price is $51,200, with tax bills ranging from $424 at the 25th percentile to $1,382 at the 90th percentile. The highest median tax bill is $568 in zip code 56047, which is also the lowest. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Huntley Assessed Value
$51,200
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Huntley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56047 | $4,660 | $25,800 | $51,200 | $96,200 | $130,140 |
Source: Ownwell
Property Tax Bills Across Huntley, Minnesota
In Huntley, located in Faribault County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Huntley is $51,200. To determine the tax bill, the assessed value is multiplied by the local tax rate. Various factors influence this calculation, including property size, location, and improvements. For instance, the 25th percentile tax bill stands at $424, while the 75th percentile tax bill reaches $1,113, and the 90th percentile tax bill is $1,382. Compared to the national median property tax rate of 0.99%, Huntley's property tax bills reflect the local economic conditions and funding needs for public services such as schools and infrastructure. Homeowners in Huntley should be aware that their property tax bills can significantly impact their annual expenses. Understanding these factors can help residents better manage their finances and anticipate changes in their tax obligations.
Average Huntley Tax Bill
$568
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Huntley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56047 | $103 | $424 | $568 | $1,113 | $1,382 |
Source: Ownwell