Holt, Minnesota Property Taxes
The median property tax rate in Holt, MN is 0.68%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $60,200 in Holt, the typical annual property tax bill amounts to $408, which is well below the national median of $2,690. Property taxes in Holt are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Holt'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 Holt or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Holt, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Holt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holt 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 Holt, Minnesota
Property taxes in Holt, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holt is 0.68%, which is below the U.S. national median of 0.99%. Local government entities within Holt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holt 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 Holt's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56738 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Holt provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holt Tax Rate
0.68%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56738 | 0.62% | 0.63% | 0.68% | 0.72% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Holt, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Holt, 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 local 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 Holt, 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. The median home price in Holt is $60,200, with tax bills ranging from $266 at the 25th percentile to $1,103 at the 90th percentile. The highest and lowest median tax bills in the area are both $408, found in the zip code 56738. 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 Holt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holt Assessed Value
$60,200
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56738 | $5,180 | $12,700 | $60,200 | $92,500 | $146,200 |
Source: Ownwell
Property Tax Bills Across Holt, Minnesota
In Holt, located in Marshall County, MN, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in Holt is $60,200, with property tax bills ranging from $266 at the 25th percentile to $1,103 at the 90th percentile. The median property tax bill stands at $408, which is significantly lower than the national median property tax rate of 0.99%. Property tax rates in Holt are determined by local government budgets and the needs of the community, which include funding for public services such as schools, infrastructure, and emergency services. The assessed value of a property is influenced by factors like market conditions, property size, and improvements made to the home. Homeowners in Holt benefit from relatively low property tax bills compared to the national average, which can make homeownership more affordable and appealing in this region.
Average Holt Tax Bill
$408
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Holt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56738 | $114 | $266 | $408 | $656 | $1,103 |
Source: Ownwell