Bloomington, Minnesota Property Taxes
The median property tax rate in Bloomington, MN is 1.15%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bloomington at $321,700, the typical annual property tax bill reaches $3,726, exceeding the national median of $2,690. Property taxes in Bloomington 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 Bloomington'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 Bloomington 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
Bloomington, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,700
Ownwell’s Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Minnesota
Property taxes in Bloomington, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 1.15%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55438 zip code has the highest median property tax rate of 1.22%, while the 55425 zip code has the lowest median tax rate of 1.13%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
1.15%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55420 | 1.14% | 1.14% | 1.15% | 1.17% | 1.26% |
| 55425 | 1.09% | 1.12% | 1.13% | 1.14% | 1.15% |
| 55431 | 1.15% | 1.15% | 1.17% | 1.25% | 1.34% |
| 55437 | 1.17% | 1.18% | 1.19% | 1.19% | 1.21% |
| 55438 | 1.14% | 1.21% | 1.22% | 1.24% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Minnesota
In Bloomington, 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 Hennepin 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 Bloomington, 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 Bloomington is $321,700, with the 25th percentile tax bill at $2,940 and the 75th percentile tax bill at $7,049. The highest median tax bill is $7,479 in zip code 55438, while the lowest median tax bill is $2,961 in zip code 55425. 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 Bloomington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bloomington, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Bloomington Assessed Value
$321,700
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55420 | $278,110 | $284,625 | $295,600 | $316,600 | $350,450 |
| 55425 | $203,980 | $239,950 | $263,000 | $305,550 | $338,460 |
| 55431 | $295,800 | $323,950 | $336,400 | $357,700 | $376,300 |
| 55437 | $290,160 | $365,300 | $404,700 | $421,000 | $507,740 |
| 55438 | $264,940 | $568,900 | $611,850 | $675,025 | $729,630 |
Source: Ownwell
Property Tax Bills Across Bloomington, Minnesota
In Bloomington, located in Hennepin County, MN, property tax bills are primarily determined by the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value, which is recalculated periodically to reflect changes in the real estate market. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Bloomington, several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, properties in the 55438 zip code have the highest median tax bill at $7,479, while those in the 55425 zip code have the lowest at $2,961. The median home price in Bloomington is $321,700, and tax bills can range significantly, with the 25th percentile at $2,940 and the 75th percentile at $7,049. This variability highlights how location and property value significantly impact the financial obligations of homeowners in the area.
Average Bloomington Tax Bill
$3,726
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55420 | $3,191 | $3,287 | $3,449 | $3,730 | $4,202 |
| 55425 | $2,244 | $2,719 | $2,961 | $3,472 | $3,886 |
| 55431 | $3,704 | $3,747 | $3,964 | $4,294 | $4,753 |
| 55437 | $4,276 | $4,493 | $4,878 | $5,073 | $6,528 |
| 55438 | $3,006 | $6,867 | $7,479 | $8,379 | $9,158 |
Source: Ownwell