Eden Prairie, Minnesota Property Taxes
The median property tax rate in Eden Prairie, MN is 1.35%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Eden Prairie, the typical annual property tax bill reaches $2,880, exceeding the national median of $2,690. Property taxes in Eden Prairie 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 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 the city, 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
1.35%
Estimate Property Tax Bill
$2,871
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 1.35%, significantly higher than both the Minnesota state median 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 both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with Eden Prairie provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eden Prairie Tax Rate
1.35%
Average Itasca County Tax Rate
0.93%
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 |
|---|---|---|---|---|---|
| 55347 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
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 Itasca 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 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. 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. The zip code 55347 has both the highest and lowest median tax bills, each at $2,880, which aligns with the 25th, 75th, and 90th percentiles for the area.
Average Eden Prairie Assessed Value
$212,700
Average Itasca County Assessed Value
$169,300
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 |
|---|---|---|---|---|---|
| 55347 | $212,700 | $212,700 | $212,700 | $212,700 | $212,700 |
Source: Ownwell
Property Tax Bills Across Eden Prairie, Minnesota
In Eden Prairie, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. For homeowners in Eden Prairie, the median home price stands at $212,700. The property tax rate in this area is relatively high compared to the national median of 0.99%, resulting in a consistent median tax bill of $2,880, regardless of the percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Eden Prairie can expect their tax bills to be a significant annual expense, impacting their overall cost of living. This consistent tax bill across various percentiles indicates a relatively uniform tax rate applied across properties in this region. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Eden Prairie Tax Bill
$2,880
Average Itasca County Tax Bill
$1,502
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 |
|---|---|---|---|---|---|
| 55347 | $2,880 | $2,880 | $2,880 | $2,880 | $2,880 |
Source: Ownwell