Hope, Minnesota Property Taxes
The median property tax rate in Hope, MN is 1.42%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hope, the typical annual property tax bill reaches $2,136, exceeding the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, 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 Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope 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 Hope, Minnesota
Property taxes in Hope, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 1.42%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56046 has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these areas compare with Hope provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
1.42%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56046 | 1.12% | 1.30% | 1.42% | 1.61% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hope, MN. 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 Steele 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 Hope, 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. The median home price in Hope is $142,100, with tax bills ranging from $1,827 at the 25th percentile to $3,329 at the 90th percentile. The highest and lowest median tax bills are both $2,136, found in the zip code 56046. By understanding these valuation processes, 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 Hope Assessed Value
$142,100
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56046 | $45,260 | $110,150 | $142,100 | $188,100 | $253,980 |
Source: Ownwell
Property Tax Bills Across Hope, Minnesota
In Hope, Steele County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Hope is $142,100, and the property tax rate is applied to this value to determine the tax bill. Several factors influence the assessed value, including the property's location, size, and market conditions. Homeowners in Hope can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,827, while the 75th percentile reaches $2,635. At the 90th percentile, homeowners might see tax bills as high as $3,329. Comparatively, the highest and lowest median tax bills in the area are both $2,136, indicating a consistent tax rate across different properties. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Hope Tax Bill
$2,136
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56046 | $914 | $1,827 | $2,136 | $2,635 | $3,329 |
Source: Ownwell