Holyoke, Minnesota Property Taxes
The median property tax rate in Holyoke, MN is 0.97%, slightly lower than the national median of 0.99% but still below the Minnesota state median of 1.11%. With a median home value of $105,300 in Holyoke, the typical annual property tax bill is $953, which is less than the national median of $2,690. Property taxes in Holyoke 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 Holyoke'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 Holyoke 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
Holyoke, 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 HOLYOKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLYOKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLYOKE 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 Holyoke, Minnesota
Property taxes in Holyoke, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holyoke is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Holyoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holyoke 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 Holyoke's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55749 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Holyoke provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holyoke Tax Rate
0.97%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holyoke, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55749 | 0.74% | 0.87% | 0.97% | 1.03% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Holyoke, Minnesota
In Holyoke, 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 Pine 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 Holyoke, 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 Holyoke 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 55749, with a median bill of $953, while the zip code with the lowest median tax bill is also 55749, with a median bill of $953.
Average Holyoke Assessed Value
$105,300
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holyoke, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55749 | $8,580 | $37,300 | $105,300 | $198,500 | $307,080 |
Source: Ownwell
Property Tax Bills Across Holyoke, Minnesota
In Holyoke, Pine County, MN, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's location, size, and condition. For instance, the median home price in Holyoke is $105,300. Homeowners in Holyoke can expect a range of tax bills depending on their property's value. At the 25th percentile, tax bills are around $338, while at the 75th percentile, they reach up to $1,960. The 90th percentile sees tax bills as high as $3,018. Compared to the national median property tax rate of 0.99%, Holyoke's tax bills reflect the local economic conditions and property values. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated helps homeowners plan better and advocate for fair assessments.
Average Holyoke Tax Bill
$953
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Holyoke, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55749 | $68 | $338 | $953 | $1,960 | $3,018 |
Source: Ownwell