Shorewood, Minnesota Property Taxes
The median property tax rate in Shorewood, MN is 1.13%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Shorewood at $927,500, the typical annual property tax bill reaches $10,407, far exceeding the national median of $2,690. Property taxes in Shorewood 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 Shorewood'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 Shorewood 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
Shorewood, 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 Shorewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shorewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shorewood 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 Shorewood, Minnesota
Property taxes in Shorewood, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Shorewood is 1.13%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Shorewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shorewood 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 Shorewood's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55331 zip code has the highest median property tax rate of 1.13%, while the 55331 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Shorewood 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 Shorewood Tax Rate
1.13%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shorewood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | 1.12% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Shorewood, Minnesota
In Shorewood, 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 Shorewood, 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 Shorewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55331, with a median bill of $10,407.
Property Tax Assessment Values Across Shorewood, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Shorewood Assessed Value
$927,500
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 Shorewood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | $195,900 | $470,250 | $927,500 | $1,384,750 | $1,659,100 |
Source: Ownwell
Property Tax Bills Across Shorewood, Minnesota
In Shorewood, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate set by Hennepin County. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Various factors influence the assessed value, including the market value of similar homes in the area, home improvements, and the overall condition of the property. For homeowners in Shorewood, the median home price is $927,500, which significantly impacts the property tax bill. The tax bill can vary widely, with the 25th percentile at $5,277 and the 75th percentile reaching $15,536. At the 90th percentile, homeowners might see tax bills as high as $18,614. The highest median tax bill in the area is $10,407, which is considerably higher than the national median property tax rate of 0.99%. These property taxes fund local services such as schools, public safety, and infrastructure, directly affecting the quality of life for Shorewood residents.
Average Shorewood Tax Bill
$10,407
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Shorewood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | $2,199 | $5,277 | $10,407 | $15,536 | $18,614 |
Source: Ownwell