Hayfield, Minnesota Property Taxes
The median property tax rate in Hayfield, MN is 0.76%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $294,250 in Hayfield, the typical annual property tax bill amounts to $2,227, which is below the national median of $2,690. Property taxes in Hayfield are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Hayfield'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 Hayfield or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hayfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,236
Ownwell’s Hayfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hayfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hayfield 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 Hayfield, Minnesota
Property taxes in Hayfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hayfield is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Hayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hayfield 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. Understanding how Hayfield’s effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hayfield Tax Rate
0.76%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hayfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55940 | 0.66% | 0.75% | 0.76% | 0.93% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Hayfield, Minnesota
In Hayfield, 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 Mower County Assessor's Office 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 Hayfield, 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 Hayfield 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 55940 at $2,227, which is also the lowest in the area.
Average Hayfield Assessed Value
$294,250
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hayfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55940 | $197,000 | $215,825 | $294,250 | $342,425 | $526,340 |
Source: Ownwell
Property Tax Bills Across Hayfield, Minnesota
In Hayfield, MN, property tax bills are calculated based on the assessed value of a home, not its market value. The assessed value is determined by the local assessor's office and reflects the estimated value of the property for tax purposes. Several factors influence this assessed value, including the property's size, location, age, and condition. Homeowners in Hayfield can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,018, while at the 75th percentile, it's $2,518. At the higher end, the 90th percentile tax bill reaches $7,611. These figures highlight the range of property tax obligations homeowners might face, depending on their property's assessed value. Comparatively, the median property tax rate nationwide is 0.99%, making Hayfield's property tax landscape relatively moderate. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Hayfield Tax Bill
$2,227
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hayfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55940 | $1,675 | $2,018 | $2,227 | $2,518 | $7,611 |
Source: Ownwell