Hollandale, Minnesota Property Taxes
The median property tax rate in Hollandale, MN is 1.06%, slightly higher than the national median of 0.99% but below the Minnesota state median of 1.11%. With the median home value in Hollandale at $121,700, the typical annual property tax bill reaches $1,328, which is lower than the national median of $2,690. Property taxes in Hollandale 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 Hollandale'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 Hollandale or another part of Freeborn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hollandale, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,290
Ownwell’s Hollandale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollandale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollandale 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 Hollandale, Minnesota
Property taxes in Hollandale, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollandale is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Hollandale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollandale 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 Hollandale's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56045 has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Hollandale provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollandale Tax Rate
1.06%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollandale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56045 | 0.75% | 0.91% | 1.06% | 1.46% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Hollandale, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hollandale, Minnesota. 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 Freeborn 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 Hollandale, 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 median home price in Hollandale stands at $121,700, with tax bills ranging from $596 at the 25th percentile to $3,140 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hollandale Assessed Value
$121,700
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollandale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56045 | $9,460 | $54,300 | $121,700 | $194,275 | $319,370 |
Source: Ownwell
Property Tax Bills Across Hollandale, Minnesota
In Hollandale, located in Freeborn County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. For instance, with a median home price of $121,700, homeowners can expect their tax bills to vary significantly. Typically, the tax bill at the 25th percentile is around $596, while at the 75th percentile, it rises to approximately $2,256. For those at the 90th percentile, the tax bill can soar to $3,140. These variations depend on specific property characteristics and the local tax rate, which is influenced by municipal budget needs and voter-approved levies. Compared to the national median property tax rate of 0.99%, Hollandale's rates reflect the broader economic and budgetary requirements of Freeborn County. Homeowners in this area must account for these tax obligations, which can impact their overall financial planning and homeownership costs.
Average Hollandale Tax Bill
$1,328
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollandale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56045 | $92 | $596 | $1,328 | $2,256 | $3,140 |
Source: Ownwell