Hendrum, Minnesota Property Taxes
The median property tax rate in Hendrum, MN is 1.46%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hendrum, the typical annual property tax bill reaches $1,428, exceeding the national median of $2,690. Property taxes in Hendrum are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hendrum'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 Hendrum or another part of Norman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hendrum, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$1,727
Ownwell’s Hendrum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hendrum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hendrum 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 Hendrum, Minnesota
Property taxes in Hendrum, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hendrum is 1.46%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hendrum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hendrum 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 Hendrum's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56550 has the highest median property tax rate of 1.46%, while the same ZIP code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Hendrum provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hendrum Tax Rate
1.46%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hendrum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56550 | 0.60% | 1.23% | 1.46% | 1.68% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Hendrum, Minnesota
In Hendrum, 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 Norman 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 Hendrum, 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 Hendrum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $1,428 in zip code 56550, reflecting the localized nature of property tax assessments.
Average Hendrum Assessed Value
$118,300
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hendrum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56550 | $21,200 | $58,200 | $118,300 | $189,400 | $254,700 |
Source: Ownwell
Property Tax Bills Across Hendrum, Minnesota
In Hendrum, Norman County, MN, property tax bills are calculated based on the assessed value of a property, which represents its market value. The local tax rate, applied to this assessed value, determines the tax bill. For instance, with a median home price of $118,300, homeowners experience varying tax bills. The 25th percentile tax bill is around $733, while those in the 75th percentile pay approximately $2,253. At the 90th percentile, tax bills can reach up to $3,426. Factors influencing these amounts include the property's assessed value, local tax rates, and any applicable exemptions or reductions. Homeowners in Hendrum should note that while their tax bills may seem high, they reflect the necessary contributions to local services and infrastructure. Compared to the national median property tax rate of 0.99%, these figures highlight the specific financial responsibilities of property owners in this region. Understanding how these elements interact can help homeowners better anticipate and manage their annual property tax obligations.
Average Hendrum Tax Bill
$1,428
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hendrum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56550 | $243 | $733 | $1,428 | $2,253 | $3,426 |
Source: Ownwell