Hoffman, Minnesota Property Taxes
The median property tax rate in Hoffman, MN is 0.79%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hoffman at $171,450, the typical annual property tax bill reaches $1,337, well below the national median of $2,690. Property taxes in Hoffman 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 Hoffman'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 Hoffman 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
Hoffman, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,354
Ownwell’s Hoffman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoffman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoffman 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 Hoffman, Minnesota
Property taxes in Hoffman, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hoffman is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Hoffman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoffman 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 Hoffman's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56339 zip code has the highest median property tax rate of 0.79%, while it also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Hoffman 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 Hoffman Tax Rate
0.79%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoffman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56339 | 0.50% | 0.68% | 0.79% | 0.89% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Hoffman, Minnesota
In Hoffman, 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 Hoffman, 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 Hoffman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,337 in the 56339 zip code, which also has the lowest median tax bill.
Average Hoffman Assessed Value
$171,450
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 Hoffman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56339 | $71,840 | $112,900 | $171,450 | $269,925 | $386,170 |
Source: Ownwell
Property Tax Bills Across Hoffman, Minnesota
In Hoffman, located in Grant County, MN, property tax bills are calculated based on the assessed value of the property. The median home price in Hoffman is $171,450. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Hoffman experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $820, while at the 75th percentile, it rises to around $2,160. For those at the 90th percentile, the tax bill can reach up to $3,006. These figures illustrate the variability in property tax burdens depending on property values and local tax rates. Compared to the national median property tax rate of 0.99%, Hoffman's property tax rates may seem more favorable or burdensome depending on individual property assessments. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Hoffman Tax Bill
$1,337
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoffman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56339 | $498 | $820 | $1,337 | $2,160 | $3,006 |
Source: Ownwell