Minnetonka, Minnesota Property Taxes
The median property tax rate in Minnetonka, MN is 1.25%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minnetonka at $436,950, the typical annual property tax bill reaches $5,374, exceeding the national median of $2,690. Property taxes in Minnetonka 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 Minnetonka'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 Minnetonka 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
Minnetonka, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$5,462
Ownwell’s Minnetonka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minnetonka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minnetonka 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 Minnetonka, Minnesota
Property taxes in Minnetonka, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minnetonka is 1.25%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Minnetonka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minnetonka 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 Minnetonka's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55345 zip code has the highest median property tax rate of 1.25%, while the 55343 zip code has the lowest median tax rate of 1.08%. Understanding how these cities compare with Minnetonka 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 Minnetonka Tax Rate
1.25%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minnetonka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | N/A | N/A | N/A | N/A | N/A |
| 55343 | 1.02% | 1.03% | 1.08% | 1.09% | 1.12% |
| 55345 | 1.16% | 1.18% | 1.25% | 1.26% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Minnetonka, Minnesota
In Minnetonka, 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'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 Minnetonka, 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 Minnetonka is $436,950, with tax bills varying widely. Zip code 55345 has the highest median tax bill at $5,384, while zip code 55343 has the lowest at $2,303. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Minnetonka, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Minnetonka Assessed Value
$436,950
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 Minnetonka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | N/A | N/A | N/A | N/A | N/A |
| 55343 | $156,920 | $165,900 | $213,000 | $221,500 | $221,580 |
| 55345 | $297,820 | $373,000 | $437,700 | $539,950 | $700,060 |
Source: Ownwell
Property Tax Bills Across Minnetonka, Minnesota
Property tax bills in Minnetonka, located in Hennepin County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, homeowners in Minnetonka can expect a median home price of $436,950. Depending on the specific area within the city, property tax bills can vary significantly. For example, in zip code 55345, the highest median tax bill reaches $5,384, while in zip code 55343, the lowest median tax bill is $2,303. Homeowners in Minnetonka face property tax bills ranging from the 25th percentile at $4,527 to the 90th percentile at $9,043. These tax obligations can significantly impact household budgets, making it essential for homeowners to understand how their tax bills are calculated and what factors are at play.
Average Minnetonka Tax Bill
$5,374
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minnetonka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | N/A | N/A | N/A | N/A | N/A |
| 55343 | $1,597 | $1,710 | $2,303 | $2,410 | $2,436 |
| 55345 | $3,596 | $4,541 | $5,384 | $6,707 | $9,049 |
Source: Ownwell