Hillman, Minnesota Property Taxes
The median property tax rate in Hillman, MN is 0.94%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hillman at $196,600, the typical annual property tax bill reaches $2,018, which is lower than the national median of $2,690. Property taxes in Hillman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hillman'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 Hillman 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
Hillman, 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 Hillman Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hillman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillman 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 Hillman, Minnesota
Property taxes in Hillman, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillman is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hillman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillman 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 Hillman's effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 56338 has the highest and lowest median property tax rate of 0.94%. Understanding how these areas compare with Hillman provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillman Tax Rate
0.94%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56338 | 0.82% | 0.89% | 0.94% | 0.99% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Hillman, Minnesota
In Hillman, 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 Mille Lacs 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 Hillman, 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 Hillman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hillman is $2018 in the 56338 zip code, while the lowest median tax bill is also $2018 in the same zip code.
Average Hillman Assessed Value
$196,600
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56338 | $116,750 | $152,825 | $196,600 | $361,375 | $439,120 |
Source: Ownwell
Property Tax Bills Across Hillman, Minnesota
In Hillman, Mille Lacs County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property type, location, and any applicable exemptions or deductions. For example, the median home price in Hillman is $196,600, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,363, while those in the 75th percentile pay approximately $3,440. The highest tax bills, in the 90th percentile, can reach up to $4,150. These property taxes fund essential local services such as schools, public safety, and infrastructure. While the national median property tax rate is 0.99%, the specific rate in Hillman can result in a range of tax bills, impacting homeowners differently based on their property's assessed value.
Average Hillman Tax Bill
$2,018
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56338 | $867 | $1,363 | $2,018 | $3,440 | $4,150 |
Source: Ownwell