Holloway, Minnesota Property Taxes
The median property tax rate in Holloway, MN is 0.71%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Holloway, the typical annual property tax bill reaches $796, significantly less than the national median of $2,690. Property taxes in Holloway 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 Holloway'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 Holloway 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
Holloway, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$877
Ownwell’s Holloway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holloway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holloway 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 Holloway, Minnesota
Property taxes in Holloway, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holloway is 0.71%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Holloway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holloway 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 Holloway's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56249 zip code has the highest median property tax rate of 0.71%, while the 56249 zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Holloway provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holloway Tax Rate
0.71%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holloway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56249 | 0.23% | 0.35% | 0.71% | 0.88% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Holloway, Minnesota
In Holloway, 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 Swift 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 Holloway, 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 Holloway is $123,500, with tax bills ranging from $372 at the 25th percentile to $4,354 at the 90th percentile. 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 Holloway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holloway Assessed Value
$123,500
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holloway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56249 | $5,000 | $51,100 | $123,500 | $626,600 | $1,306,500 |
Source: Ownwell
Property Tax Bills Across Holloway, Minnesota
In Holloway, Swift County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property’s market value. Once the assessed value is established, a tax rate is applied to calculate the annual tax bill. This tax rate can vary within the region, but it is influenced by local budget needs and state regulations. Homeowners in Holloway typically see a range of property tax bills. For instance, the 25th percentile tax bill is around $372, while the 75th percentile tax bill reaches approximately $1,794. The 90th percentile tax bill can go as high as $4,354. These variations depend on factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Holloway's property tax rates offer a diverse range of financial impacts on homeowners. Understanding these factors can help residents anticipate their annual property tax obligations and plan their finances accordingly.
Average Holloway Tax Bill
$796
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Holloway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56249 | $50 | $372 | $796 | $1,794 | $4,354 |
Source: Ownwell