Hoffman, Minnesota Property Taxes
The median property tax rate in Hoffman, MN is 0.74%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hoffman at $118,100, the typical annual property tax bill reaches $872, well below the national median of $2,690. Property taxes in Hoffman 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 Hoffman'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 Hoffman or another part of Stevens County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hoffman, 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 Hoffman Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hoffman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hoffman to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hoffman, Minnesota
Property taxes in Hoffman, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hoffman is 0.74%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hoffman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoffman 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 Hoffman's effective property tax rate to other areas in Stevens County and the national median. For comparison, the zip code 56339 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Hoffman 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 Hoffman Tax Rate
0.74%
Average Stevens County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoffman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56339 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hoffman, Minnesota
In Hoffman, 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 Hoffman, 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 Hoffman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $872, found in zip code 56339.
Average Hoffman Assessed Value
$118,100
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 Hoffman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56339 | $118,100 | $118,100 | $118,100 | $118,100 | $118,100 |
Source: Ownwell
Property Tax Bills Across Hoffman, Minnesota
In Hoffman, located in Stevens 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 Hoffman is $118,100, and property taxes are determined by applying the local tax rate to this assessed value. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. For homeowners in Hoffman, the median property tax bill is $872, which is notably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Hoffman compared to other areas. The consistency in tax bills—where the 25th, 75th, and 90th percentiles all report the same $872 amount—indicates a stable and predictable tax environment for residents. Understanding these factors helps homeowners anticipate their annual expenses and manage their finances more effectively.
Average Hoffman Tax Bill
$872
Average Stevens County Tax Bill
$1,340
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoffman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56339 | $872 | $872 | $872 | $872 | $872 |
Source: Ownwell