Herman, Minnesota Property Taxes
The median property tax rate in Herman, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Herman, the typical annual property tax bill reaches $626, well below the national median of $2,690. Property taxes in Herman 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 Herman'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 Herman 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
Herman, 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 Herman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herman 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 Herman, Minnesota
Property taxes in Herman, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Herman is 0.62%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Herman set these rates annually, and they can vary across different neighborhoods. Each year, Herman 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 Herman's effective property tax rate to other areas in Minnesota and the national median. For comparison, the highest median property tax rate in Stevens County is 0.62%, while the lowest median tax rate is also 0.62%. Understanding how these figures compare with Herman provides valuable insights into the varying tax landscape across Stevens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herman Tax Rate
0.62%
Average Stevens County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56248 | 0.57% | 0.59% | 0.62% | 0.80% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Herman, Minnesota
In Herman, 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 Stevens 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 Herman, 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 Herman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56248, with a median tax bill of $626.
Average Herman Assessed Value
$103,600
Average Stevens County Assessed Value
$112,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56248 | $77,250 | $87,125 | $103,600 | $137,025 | $149,400 |
Source: Ownwell
Property Tax Bills Across Herman, Minnesota
In Herman, Stevens County, MN, property tax bills are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $103,600, homeowners in Herman can expect their tax bill to be influenced by this valuation. The property tax rate in Herman is applied to the assessed value to determine the annual tax bill. Homeowners in the 25th percentile pay around $497, while those in the 75th percentile see bills closer to $1,114. At the 90th percentile, tax bills can reach up to $1,316. These figures indicate that property taxes in Herman can vary significantly based on the home's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Herman's property tax bills provide a snapshot of the local tax burden and its impact on homeowners, highlighting the importance of understanding local property assessments and tax rates.
Average Herman Tax Bill
$626
Average Stevens County Tax Bill
$1,340
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Herman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56248 | $453 | $497 | $626 | $1,114 | $1,316 |
Source: Ownwell