Hills, Minnesota Property Taxes
The median property tax rate in Hills, MN is 0.80%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hills, the typical annual property tax bill amounts to $1,240, which is below the national median of $2,690. Property taxes in Hills are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hills 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
Hills, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,276
Ownwell’s HILLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HILLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HILLS 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 Hills, Minnesota
Property taxes in Hills, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hills is 0.80%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hills 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 Hills' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56138 zip code in Rock County has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Hills provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hills Tax Rate
0.80%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hills, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56138 | 0.58% | 0.74% | 0.80% | 0.86% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Hills, Minnesota
In Hills, 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 Rock 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 Hills, 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. For instance, the median home price in Hills is $159,500, with tax bills ranging from $730 at the 25th percentile to $2,224 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56138, with a median tax bill of $1,240. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hills Assessed Value
$159,500
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hills, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56138 | $30,800 | $95,100 | $159,500 | $229,200 | $295,700 |
Source: Ownwell
Property Tax Bills Across Hills, Minnesota
In Hills, located in Rock County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with the median home price at $159,500, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $730, while the 75th percentile tax bill can reach up to $1,803. For those in the 90th percentile, tax bills can be as high as $2,224. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hills homeowners experience a range of tax burdens. Understanding how these factors impact your tax bill can help you better manage your finances and plan for future expenses.
Average Hills Tax Bill
$1,240
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hills, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56138 | $191 | $730 | $1,240 | $1,803 | $2,224 |
Source: Ownwell