Hibbing, Minnesota Property Taxes
The median property tax rate in Hibbing, MN is 1.06%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $103,700 in Hibbing, the typical annual property tax bill amounts to $1,099, which is below the national median of $2,690. Property taxes in Hibbing are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural land. Understanding Hibbing'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 Hibbing or another part of Itasca County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hibbing, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,099
Ownwell’s Hibbing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hibbing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hibbing 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 Hibbing, Minnesota
Property taxes in Hibbing, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hibbing is 1.06%, which is higher than both the Minnesota state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Hibbing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hibbing 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 Hibbing's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55746 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 cities compare with Hibbing provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hibbing Tax Rate
1.06%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hibbing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55746 | 0.85% | 1.01% | 1.06% | 1.09% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Hibbing, Minnesota
In Hibbing, 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 Itasca 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 Hibbing, 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 Hibbing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55746 has the highest and lowest median tax bill, both at $1,099, which is significantly higher than the national median property tax rate of 0.99%.
Average Hibbing Assessed Value
$103,700
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hibbing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55746 | $35,000 | $52,800 | $103,700 | $205,400 | $319,200 |
Source: Ownwell
Property Tax Bills Across Hibbing, Minnesota
In Hibbing, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $103,700, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill stands at $556, while the 75th percentile reaches $1,888, and the 90th percentile can go up to $3,104. Several factors influence these tax bills, including property characteristics, location, and any applicable exemptions or deductions. These taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Hibbing's property tax rates offer a varied range, making it crucial for homeowners to understand their specific tax obligations to manage their finances effectively.
Average Hibbing Tax Bill
$1,099
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hibbing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55746 | $334 | $556 | $1,099 | $1,888 | $3,104 |
Source: Ownwell