Herman, Minnesota Property Taxes
The median property tax rate in Herman, MN is 0.98%, slightly below the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $108,500 in Herman, the typical annual property tax bill is around $990, which is significantly less than the national median of $2,690. Property taxes in Herman 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 Herman'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 Herman 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
Herman, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,063
Ownwell’s Herman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herman 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 Herman, Minnesota
Property taxes in Herman, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herman is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Herman set these rates annually, and they can vary across different neighborhoods. Each year, Herman 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 Herman's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56248 has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Herman provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herman Tax Rate
0.98%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56248 | 0.34% | 0.64% | 0.98% | 1.29% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Herman, Minnesota
In Herman, 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 Grant 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 Herman, 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 in Herman is $108,500, with tax bills ranging from $515 at the 25th percentile to $3,179 at the 90th percentile. 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 Herman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Herman Assessed Value
$108,500
Average Grant County Assessed Value
$166,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56248 | $22,860 | $55,700 | $108,500 | $206,600 | $656,720 |
Source: Ownwell
Property Tax Bills Across Herman, Minnesota
In Herman, located in Grant County, MN, property tax bills are calculated based on the assessed value of your home. The median home price in Herman is $108,500, and the property tax rate is determined by local government budgets and school funding needs. Property taxes here are influenced by various factors, including the property's market value, any applicable exemptions, and the local tax rate. Homeowners in Herman can expect their annual tax bills to vary significantly. For instance, the 25th percentile tax bill is around $515, while those in the 75th percentile pay approximately $1,744. At the higher end, the 90th percentile tax bill reaches up to $3,179. These figures show a broad range of tax liabilities, reflecting differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Herman experience a diverse range of tax burdens. Understanding these factors can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Herman Tax Bill
$990
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Herman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56248 | $250 | $515 | $990 | $1,744 | $3,179 |
Source: Ownwell