Richfield, Minnesota Property Taxes
The median property tax rate in Richfield, MN is 1.29%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Richfield, the typical annual property tax bill reaches $3,870, exceeding the national median of $2,690. Property taxes in Richfield 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 Richfield'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 Richfield 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
Richfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$3,818
Ownwell’s Richfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richfield 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 Hennepin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Richfield, Minnesota
Property taxes in Richfield, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richfield is 1.29%, higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Richfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richfield 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 Richfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55423 zip code has the highest median property tax rate of 1.29%, while the 55423 zip code has the lowest median tax rate of 1.29%. Understanding how these cities compare with Richfield 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 Richfield Tax Rate
1.29%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55423 | 1.27% | 1.28% | 1.29% | 1.31% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Minnesota
In RICHFIELD, 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 RICHFIELD, 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 RICHFIELD helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in RICHFIELD is $296,000, with tax bills ranging from $3,516 at the 25th percentile to $4,877 at the 90th percentile. The highest and lowest median tax bills are both $3,870 in the 55423 zip code.
Property Tax Assessment Values Across Richfield, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Richfield Assessed Value
$296,000
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 Richfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55423 | $250,000 | $275,000 | $296,000 | $328,000 | $363,400 |
Source: Ownwell
Property Tax Bills Across Richfield, Minnesota
In Richfield, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Richfield is $296,000. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies depending on the specific area within the county. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value. For homeowners in Richfield, the property tax bill can range significantly. At the 25th percentile, tax bills are around $3,516, while at the 75th percentile, they rise to approximately $4,330. The 90th percentile sees tax bills reaching up to $4,877. The median tax bill in the area, particularly in the 55423 zip code, is $3,870, which is higher than the national median property tax rate of 0.99%. These tax obligations can impact homeowners' finances, affecting their annual budget and long-term financial planning.
Average Richfield Tax Bill
$3,870
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Richfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55423 | $3,156 | $3,516 | $3,870 | $4,330 | $4,877 |
Source: Ownwell