Hoyt Lakes, Minnesota Property Taxes
The median property tax rate in Hoyt Lakes, MN is 0.87%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hoyt Lakes at $70,100, the typical annual property tax bill is $570, significantly less than the national median of $2,690. Property taxes in Hoyt Lakes are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hoyt Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hoyt Lakes 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
Hoyt Lakes, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$610
Ownwell’s Hoyt Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoyt Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoyt Lakes 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 Hoyt Lakes, Minnesota
Property taxes in Hoyt Lakes, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hoyt Lakes is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Hoyt Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoyt Lakes 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 Hoyt Lakes' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55750 zip code has the highest median property tax rate of 0.87%, while the lowest median tax rate is also 0.87%. Understanding how these cities compare with Hoyt Lakes provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hoyt Lakes Tax Rate
0.87%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoyt Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55750 | 0.62% | 0.70% | 0.87% | 1.53% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Hoyt Lakes, Minnesota
In Hoyt Lakes, 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 St. Louis 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 Hoyt Lakes, 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 Hoyt Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hoyt Lakes is $70,100, with the 25th percentile tax bill at $408 and the 75th percentile tax bill at $996. The highest and lowest median tax bills are both $570 in zip code 55750.
Average Hoyt Lakes Assessed Value
$70,100
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hoyt Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55750 | $5,140 | $56,800 | $70,100 | $87,300 | $114,640 |
Source: Ownwell
Property Tax Bills Across Hoyt Lakes, Minnesota
In Hoyt Lakes, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Hoyt Lakes is $70,100. Property taxes here are influenced by several factors, including the assessed value of the property, local tax levies, and any applicable exemptions or deductions. For homeowners, this means that understanding these variables is crucial for anticipating their annual tax bill. In St. Louis County, where Hoyt Lakes is located, the 25th percentile tax bill is $408, while the 75th percentile tax bill is $996, and the 90th percentile tax bill can reach up to $1,600. This range indicates that most homeowners will see a tax bill somewhere between these figures. Compared to the national median property tax rate of 0.99%, the property taxes in this region can vary significantly, impacting homeowners' annual financial planning and budgeting. Understanding these factors can help homeowners better prepare for their property tax obligations.
Average Hoyt Lakes Tax Bill
$570
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoyt Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55750 | $193 | $408 | $570 | $996 | $1,600 |
Source: Ownwell