Hanley Falls, Minnesota Property Taxes
The median property tax rate in Hanley Falls, MN is 1.44%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hanley Falls, the typical annual property tax bill reaches $1,224, exceeding the national median of $2,690. Property taxes in Hanley Falls 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 Hanley Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hanley Falls 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
Hanley Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$1,225
Ownwell’s Hanley Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanley Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanley Falls 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 Hanley Falls, Minnesota
Property taxes in Hanley Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanley Falls is 1.44%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Hanley Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanley Falls 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 Hanley Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56245 has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Hanley Falls provides valuable insights into the varying tax landscape across Yellow Medicine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hanley Falls Tax Rate
1.44%
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanley Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56245 | 0.34% | 0.70% | 1.44% | 2.13% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Hanley Falls, Minnesota
In Hanley Falls, 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 Yellow Medicine 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 Hanley Falls, 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 Hanley Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hanley Falls is $1,224 in the 56245 zip code, while the lowest median tax bill is also $1,224 in the same zip code.
Average Hanley Falls Assessed Value
$85,100
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hanley Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56245 | $23,440 | $43,450 | $85,100 | $273,825 | $697,430 |
Source: Ownwell
Property Tax Bills Across Hanley Falls, Minnesota
In Hanley Falls, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $85,100, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property size, location, and improvements can influence the assessed value, leading to different tax amounts. In Hanley Falls, the 25th percentile tax bill is $766, while the 75th percentile tax bill is $2,133, and the 90th percentile tax bill reaches up to $3,718. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, the rates in Hanley Falls can vary significantly, affecting homeowners' financial planning and overall affordability of homeownership.
Average Hanley Falls Tax Bill
$1,224
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanley Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56245 | $486 | $766 | $1,224 | $2,133 | $3,718 |
Source: Ownwell