Hector, Minnesota Property Taxes
The median property tax rate in Hector, MN is 0.51%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $336,900 in Hector, the typical annual property tax bill is $1,201, significantly below the national median of $2,690. Property taxes in Hector 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 Hector's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hector 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
Hector, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,718
Ownwell’s Hector Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hector with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hector 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 Hector, Minnesota
Property taxes in Hector, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hector is 0.51%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hector set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hector 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 Hector's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55342 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Hector provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hector Tax Rate
0.51%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hector, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55342 | 0.37% | 0.42% | 0.51% | 0.59% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Hector, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hector, Minnesota. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Kandiyohi 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 Hector, 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 Hector helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55342, amounting to $1,201, while the same zip code also has the lowest median tax bill at $1,201.
Average Hector Assessed Value
$336,900
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hector, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55342 | $95,380 | $185,950 | $336,900 | $487,850 | $578,420 |
Source: Ownwell
Property Tax Bills Across Hector, Minnesota
In Hector, located in Kandiyohi County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Hector is $336,900, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property location, market conditions, and any applicable exemptions or deductions can influence the assessed value. Homeowners in Hector can expect their property tax bills to vary significantly. For instance, those in the 25th percentile pay around $718 annually, while those in the 75th percentile face bills closer to $1,683. At the 90th percentile, homeowners might pay as much as $1,972. The highest and lowest median tax bills in the area both stand at $1,201, indicating consistent tax rates within the zip code 55342. Compared to the national median property tax rate of 0.99%, Hector's tax rates can be seen as relatively moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Hector Tax Bill
$1,201
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hector, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55342 | $429 | $718 | $1,201 | $1,683 | $1,972 |
Source: Ownwell