Eden Prairie, Minnesota Property Taxes
The median property tax rate in Eden Prairie, MN is 1.14%, higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $447,400 in Eden Prairie, the typical annual property tax bill reaches $5,121, significantly exceeding the national median of $2,690. Property taxes in Eden Prairie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Eden Prairie'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 Eden Prairie or another part of Hennepin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eden Prairie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$5,100
Ownwell’s Eden Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eden Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eden Prairie 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 Eden Prairie, Minnesota
Property taxes in Eden Prairie, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eden Prairie is 1.14%, higher than both the Minnesota state median of 1.08% and the U.S. national median of 0.99%. Local government entities within Eden Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eden Prairie 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 Eden Prairie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55347 zip code has the highest median property tax rate of 1.14%, while the 55344 zip code has the lowest median tax rate of 1.13%. Understanding how these cities compare with Eden Prairie 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 Eden Prairie Tax Rate
1.14%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eden Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55344 | 1.06% | 1.09% | 1.13% | 1.14% | 1.19% |
| 55346 | 1.10% | 1.13% | 1.14% | 1.16% | 1.21% |
| 55347 | 1.10% | 1.14% | 1.14% | 1.20% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Eden Prairie, Minnesota
In Eden Prairie, 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 Assessor 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 Eden Prairie, 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 Eden Prairie is $447,400, with tax bills ranging from $3,914 at the 25th percentile to $9,020 at the 90th percentile. Notably, the highest median tax bill is in zip code 55347 at $5,746, while the lowest is in zip code 55344 at $3,505. 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 Eden Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Eden Prairie, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Eden Prairie Assessed Value
$447,400
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 Eden Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55344 | $189,100 | $234,200 | $313,900 | $444,800 | $613,140 |
| 55346 | $235,700 | $381,125 | $433,250 | $508,400 | $603,370 |
| 55347 | $260,900 | $383,600 | $503,700 | $656,825 | $812,010 |
Source: Ownwell
Property Tax Bills Across Eden Prairie, Minnesota
In Eden Prairie, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Eden Prairie, the property tax bill can vary significantly. For example, the tax bill at the 25th percentile is $3,914, while at the 75th percentile, it reaches $6,844. The 90th percentile sees tax bills as high as $9,020. The highest median tax bill in the area is $5,746 in the 55347 zip code, whereas the lowest median tax bill is $3,505 in the 55344 zip code. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Despite variations, Eden Prairie's property tax rates are competitive when compared to the national median property tax rate of 0.99%.
Average Eden Prairie Tax Bill
$5,121
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Eden Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55344 | $2,106 | $2,649 | $3,505 | $5,067 | $7,198 |
| 55346 | $2,548 | $4,342 | $4,985 | $5,862 | $7,184 |
| 55347 | $2,888 | $4,349 | $5,746 | $7,845 | $9,974 |
Source: Ownwell