Holdingford, Minnesota Property Taxes
The median property tax rate in Holdingford, MN is 0.75%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Holdingford at $342,650, the typical annual property tax bill amounts to $2,330, which is below the national median of $2,690. Property taxes in Holdingford are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Holdingford'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 Holdingford or another part of Morrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Holdingford, 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 Holdingford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holdingford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holdingford 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 Holdingford, Minnesota
Property taxes in Holdingford, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holdingford is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Holdingford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holdingford 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 Holdingford's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56340 has both the highest and the lowest median property tax rate of 0.75%. Understanding how these cities compare with Holdingford provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holdingford Tax Rate
0.75%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holdingford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56340 | 0.31% | 0.49% | 0.75% | 0.95% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Holdingford, Minnesota
In Holdingford, 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 Morrison 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 Holdingford, 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. For instance, the zip code 56340 has the highest median tax bill at $2,330, which is the same as the lowest median tax bill in the area. Being aware of these valuation processes in Holdingford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holdingford Assessed Value
$342,650
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holdingford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56340 | $160,720 | $255,300 | $342,650 | $424,200 | $530,130 |
Source: Ownwell
Property Tax Bills Across Holdingford, Minnesota
In Holdingford, located in Morrison County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. Several factors influence the assessed value, including the home's size, age, location, and condition. Additionally, any improvements or renovations can increase the property's assessed value, leading to a higher tax bill. For homeowners in Holdingford, the property tax burden can vary significantly. The 25th percentile tax bill is approximately $1,666, while the 75th percentile reaches around $3,334. For those in the 90th percentile, the tax bill can be as high as $4,243. Comparatively, the national median property tax rate stands at 0.99%, which can offer a benchmark for understanding local tax obligations. High property taxes can impact homeowners by increasing their annual expenses, making it essential to stay informed about potential tax relief options.
Average Holdingford Tax Bill
$2,330
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Holdingford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56340 | $863 | $1,666 | $2,330 | $3,334 | $4,243 |
Source: Ownwell