Minneapolis, Minnesota Property Taxes
The median property tax rate in Minneapolis, MN is 1.30%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minneapolis at $325,900, the typical annual property tax bill reaches $4,242, exceeding the national median of $2,690. Property taxes in Minneapolis 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 Minneapolis'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 Minneapolis 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
Minneapolis, 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 Minneapolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minneapolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minneapolis 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 Minneapolis, Minnesota
Property taxes in Minneapolis, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minneapolis is 1.30%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Minneapolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minneapolis 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 Minneapolis's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55427 zip code has the highest median property tax rate of 1.40%, while the 55435 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Minneapolis 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 Minneapolis Tax Rate
1.30%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minneapolis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55401 | 1.23% | 1.28% | 1.32% | 1.33% | 1.42% |
| 55402 | 1.32% | 1.32% | 1.33% | 1.38% | 1.40% |
| 55403 | 1.17% | 1.27% | 1.32% | 1.45% | 3.09% |
| 55404 | 1.16% | 1.24% | 1.32% | 1.32% | 1.61% |
| 55405 | 1.25% | 1.30% | 1.32% | 1.45% | 1.60% |
| 55406 | 1.23% | 1.27% | 1.30% | 1.34% | 1.41% |
| 55407 | 1.22% | 1.26% | 1.30% | 1.33% | 1.61% |
| 55408 | 1.20% | 1.29% | 1.32% | 1.39% | 1.61% |
| 55409 | 1.21% | 1.28% | 1.32% | 1.36% | 1.46% |
| 55410 | 1.30% | 1.31% | 1.35% | 1.41% | 1.47% |
| 55411 | 1.17% | 1.22% | 1.31% | 1.39% | 1.74% |
| 55412 | 1.15% | 1.20% | 1.25% | 1.32% | 1.59% |
| 55413 | 1.24% | 1.29% | 1.32% | 1.37% | 1.61% |
| 55414 | 1.20% | 1.28% | 1.32% | 1.38% | 1.61% |
| 55415 | 1.26% | 1.32% | 1.32% | 1.35% | 1.42% |
| 55416 | 1.26% | 1.31% | 1.34% | 1.39% | 1.47% |
| 55417 | 1.24% | 1.28% | 1.31% | 1.33% | 1.39% |
| 55418 | 1.25% | 1.28% | 1.32% | 1.51% | 1.61% |
| 55419 | 1.28% | 1.31% | 1.34% | 1.40% | 1.46% |
| 55420 | 1.10% | 1.13% | 1.15% | 1.17% | 1.24% |
| 55421 | 1.24% | 1.27% | 1.34% | 1.54% | 1.70% |
| 55422 | 1.29% | 1.32% | 1.35% | 1.42% | 1.52% |
| 55423 | 1.26% | 1.28% | 1.29% | 1.32% | 1.33% |
| 55424 | 1.22% | 1.28% | 1.34% | 1.39% | 1.45% |
| 55425 | 1.10% | 1.13% | 1.15% | 1.17% | 1.26% |
| 55426 | 1.25% | 1.29% | 1.32% | 1.34% | 1.40% |
| 55427 | 1.30% | 1.33% | 1.40% | 1.44% | 1.47% |
| 55428 | 1.25% | 1.28% | 1.33% | 1.43% | 1.50% |
| 55429 | 1.27% | 1.33% | 1.37% | 1.45% | 1.61% |
| 55430 | 1.22% | 1.26% | 1.34% | 1.45% | 1.69% |
| 55431 | 1.14% | 1.15% | 1.17% | 1.18% | 1.25% |
| 55435 | 0.93% | 1.00% | 1.09% | 1.24% | 1.31% |
| 55436 | 1.05% | 1.21% | 1.26% | 1.35% | 1.42% |
| 55437 | 1.10% | 1.15% | 1.17% | 1.18% | 1.21% |
| 55438 | 1.07% | 1.12% | 1.18% | 1.20% | 1.25% |
| 55439 | 1.18% | 1.21% | 1.25% | 1.31% | 1.37% |
| 55441 | 1.07% | 1.09% | 1.12% | 1.14% | 1.20% |
| 55442 | 1.02% | 1.11% | 1.12% | 1.13% | 1.17% |
| 55443 | 1.20% | 1.24% | 1.29% | 1.31% | 1.33% |
| 55444 | 1.16% | 1.18% | 1.19% | 1.27% | 1.31% |
| 55445 | 1.20% | 1.26% | 1.29% | 1.31% | 1.35% |
| 55446 | 1.07% | 1.08% | 1.12% | 1.15% | 1.18% |
| 55447 | 1.05% | 1.08% | 1.09% | 1.12% | 1.16% |
| 55450 | N/A | N/A | N/A | N/A | N/A |
| 55454 | 1.04% | 1.16% | 1.25% | 1.32% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Minneapolis, Minnesota
In MINNEAPOLIS, 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 MINNEAPOLIS, 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. For example, the highest median tax bill in the area is $11,304 in the 55424 zip code, while the lowest is $2,362 in the 55454 zip code. Being aware of these valuation processes in MINNEAPOLIS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Minneapolis, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Minneapolis Assessed Value
$325,900
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 Minneapolis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55401 | $148,900 | $230,375 | $315,000 | $469,000 | $713,550 |
| 55402 | $211,300 | $336,500 | $489,000 | $590,000 | $669,800 |
| 55403 | $127,500 | $164,000 | $264,000 | $495,000 | $994,000 |
| 55404 | $112,000 | $176,000 | $244,000 | $328,000 | $452,000 |
| 55405 | $200,000 | $296,000 | $427,500 | $649,000 | $987,000 |
| 55406 | $208,500 | $258,000 | $306,000 | $365,000 | $445,000 |
| 55407 | $169,000 | $234,000 | $289,000 | $340,000 | $391,000 |
| 55408 | $131,000 | $207,000 | $331,000 | $454,000 | $610,400 |
| 55409 | $190,000 | $252,000 | $346,000 | $440,000 | $532,000 |
| 55410 | $318,000 | $409,000 | $517,000 | $693,000 | $952,000 |
| 55411 | $136,000 | $169,000 | $210,000 | $251,000 | $296,900 |
| 55412 | $136,000 | $171,000 | $208,000 | $247,000 | $290,000 |
| 55413 | $201,000 | $272,000 | $343,000 | $418,000 | $496,000 |
| 55414 | $174,500 | $248,000 | $322,000 | $435,000 | $599,500 |
| 55415 | $129,000 | $267,000 | $402,000 | $566,000 | $758,000 |
| 55416 | $191,820 | $298,500 | $402,000 | $574,000 | $786,060 |
| 55417 | $223,000 | $278,000 | $342,000 | $420,000 | $494,000 |
| 55418 | $228,000 | $273,000 | $321,000 | $374,000 | $432,000 |
| 55419 | $288,000 | $357,000 | $443,000 | $580,000 | $744,500 |
| 55420 | $227,800 | $275,000 | $302,200 | $331,600 | $376,680 |
| 55421 | $203,600 | $232,000 | $259,000 | $328,000 | $371,200 |
| 55422 | $215,700 | $259,000 | $301,000 | $371,000 | $493,300 |
| 55423 | $246,000 | $277,000 | $305,000 | $342,000 | $387,000 |
| 55424 | $485,090 | $598,725 | $835,900 | $1,172,175 | $1,531,870 |
| 55425 | $169,300 | $267,200 | $307,950 | $346,375 | $391,200 |
| 55426 | $210,000 | $287,025 | $336,700 | $395,175 | $490,450 |
| 55427 | $243,000 | $289,000 | $327,000 | $375,000 | $441,000 |
| 55428 | $215,000 | $249,900 | $277,000 | $311,000 | $350,900 |
| 55429 | $207,000 | $242,000 | $261,000 | $282,450 | $310,000 |
| 55430 | $176,000 | $213,000 | $241,000 | $268,000 | $303,000 |
| 55431 | $281,690 | $311,700 | $345,700 | $390,700 | $447,510 |
| 55435 | $125,700 | $153,625 | $237,450 | $561,575 | $737,500 |
| 55436 | $181,000 | $401,800 | $567,800 | $825,000 | $1,213,800 |
| 55437 | $202,180 | $298,500 | $376,100 | $446,400 | $544,540 |
| 55438 | $179,790 | $238,900 | $400,050 | $509,925 | $645,820 |
| 55439 | $287,110 | $442,600 | $573,600 | $745,200 | $988,610 |
| 55441 | $220,000 | $324,000 | $400,000 | $497,000 | $624,000 |
| 55442 | $168,000 | $328,000 | $413,000 | $483,000 | $586,000 |
| 55443 | $241,200 | $277,700 | $344,200 | $431,450 | $498,260 |
| 55444 | $228,970 | $281,600 | $303,200 | $325,500 | $358,000 |
| 55445 | $174,640 | $272,800 | $322,100 | $403,700 | $537,120 |
| 55446 | $270,000 | $353,000 | $518,000 | $680,000 | $823,000 |
| 55447 | $239,000 | $324,000 | $424,000 | $540,000 | $665,000 |
| 55450 | N/A | N/A | N/A | N/A | N/A |
| 55454 | $104,850 | $133,875 | $185,500 | $250,000 | $312,600 |
Source: Ownwell
Property Tax Bills Across Minneapolis, Minnesota
In Minneapolis, located in Hennepin County, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor's office and reflects the market value of the property. For instance, with a median home price of $325,900, homeowners can anticipate varying tax bills depending on several factors, including the property's location within the city and specific neighborhood characteristics. The tax rate applied to the assessed value is a crucial determinant of the final tax bill. In Hennepin County, the tax bills can vary significantly. For example, homeowners in the 25th percentile might pay around $3,319, while those in the 75th percentile could see bills as high as $5,691. The highest median tax bill in the area reaches $11,304 in the 55424 zip code, highlighting the disparity within different locations. Conversely, the lowest median tax bill is $2,362 in the 55454 zip code. These property taxes directly impact homeowners by influencing their annual expenses and potentially affecting their financial planning and home affordability.
Average Minneapolis Tax Bill
$4,242
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minneapolis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55401 | $2,013 | $3,102 | $4,223 | $6,289 | $10,314 |
| 55402 | $2,873 | $4,602 | $6,680 | $8,689 | $10,507 |
| 55403 | $1,637 | $2,316 | $4,378 | $7,110 | $14,686 |
| 55404 | $1,474 | $2,290 | $3,290 | $4,751 | $6,553 |
| 55405 | $2,595 | $4,011 | $5,796 | $9,368 | $14,903 |
| 55406 | $2,620 | $3,331 | $4,013 | $4,930 | $6,199 |
| 55407 | $2,174 | $3,055 | $3,837 | $4,614 | $5,519 |
| 55408 | $1,630 | $2,655 | $4,546 | $6,534 | $9,106 |
| 55409 | $2,359 | $3,244 | $4,637 | $5,986 | $7,455 |
| 55410 | $4,180 | $5,440 | $6,941 | $9,819 | $13,877 |
| 55411 | $1,745 | $2,233 | $2,832 | $3,558 | $4,373 |
| 55412 | $1,678 | $2,163 | $2,690 | $3,308 | $4,075 |
| 55413 | $2,558 | $3,528 | $4,651 | $5,944 | $7,319 |
| 55414 | $2,107 | $3,223 | $4,394 | $6,092 | $8,726 |
| 55415 | $1,658 | $3,436 | $5,289 | $7,617 | $10,815 |
| 55416 | $2,728 | $3,962 | $5,417 | $7,907 | $11,320 |
| 55417 | $2,814 | $3,609 | $4,504 | $5,650 | $6,657 |
| 55418 | $2,946 | $3,618 | $4,381 | $5,388 | $6,601 |
| 55419 | $3,751 | $4,751 | $5,966 | $8,066 | $10,702 |
| 55420 | $2,492 | $3,145 | $3,503 | $3,936 | $4,596 |
| 55421 | $2,687 | $2,978 | $3,434 | $4,714 | $6,026 |
| 55422 | $2,803 | $3,487 | $4,171 | $5,289 | $7,051 |
| 55423 | $3,093 | $3,556 | $3,975 | $4,514 | $5,200 |
| 55424 | $5,973 | $7,814 | $11,304 | $16,085 | $21,290 |
| 55425 | $1,767 | $3,016 | $3,571 | $4,141 | $4,785 |
| 55426 | $2,785 | $3,763 | $4,475 | $5,392 | $6,815 |
| 55427 | $3,222 | $3,912 | $4,612 | $5,426 | $6,440 |
| 55428 | $2,780 | $3,288 | $3,778 | $4,344 | $5,021 |
| 55429 | $2,721 | $3,319 | $3,671 | $4,115 | $4,678 |
| 55430 | $2,278 | $2,782 | $3,288 | $3,879 | $4,524 |
| 55431 | $3,219 | $3,635 | $4,072 | $4,668 | $5,350 |
| 55435 | $1,176 | $1,593 | $2,458 | $6,980 | $9,532 |
| 55436 | $1,923 | $4,975 | $7,446 | $10,832 | $16,380 |
| 55437 | $2,179 | $3,393 | $4,391 | $5,256 | $6,582 |
| 55438 | $1,961 | $2,730 | $4,733 | $6,060 | $8,000 |
| 55439 | $3,396 | $5,395 | $7,220 | $9,752 | $13,205 |
| 55441 | $2,257 | $3,552 | $4,507 | $5,602 | $7,291 |
| 55442 | $1,699 | $3,597 | $4,645 | $5,445 | $6,786 |
| 55443 | $2,962 | $3,524 | $4,449 | $5,613 | $6,481 |
| 55444 | $2,631 | $3,398 | $3,728 | $4,050 | $4,573 |
| 55445 | $2,151 | $3,436 | $4,210 | $5,336 | $6,879 |
| 55446 | $2,851 | $3,847 | $5,737 | $7,845 | $9,671 |
| 55447 | $2,478 | $3,470 | $4,692 | $6,023 | $7,650 |
| 55450 | N/A | N/A | N/A | N/A | N/A |
| 55454 | $1,213 | $1,652 | $2,362 | $3,388 | $4,787 |
Source: Ownwell