Edina, Minnesota Property Taxes
The median property tax rate in Edina, 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 Edina, the typical annual property tax bill reaches $6,490, exceeding the national median of $2,690. Property taxes in Edina 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 Edina'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 Edina 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
Edina, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$6,564
Ownwell’s Edina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edina 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 Edina, Minnesota
Property taxes in Edina, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edina is 1.30%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Edina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edina 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 Edina's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55410 zip code has the highest median property tax rate of 1.31%, while the 55423 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Edina 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 Edina 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 Edina, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55410 | 1.21% | 1.21% | 1.31% | 1.35% | 1.41% |
| 55416 | N/A | N/A | N/A | N/A | N/A |
| 55423 | 1.06% | 1.07% | 1.09% | 1.10% | 1.34% |
| 55424 | N/A | N/A | N/A | N/A | N/A |
| 55435 | 1.21% | 1.21% | 1.22% | 1.28% | 1.34% |
| 55436 | N/A | N/A | N/A | N/A | N/A |
| 55439 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Edina, Minnesota
In Edina, 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 Edina, 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. For instance, the highest median tax bill in Edina is $6,604 in the 55410 zip code, while the lowest is $3,417 in the 55423 zip code. 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 Edina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Edina Assessed Value
$504,900
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 Edina, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55410 | $410,800 | $451,900 | $513,300 | $652,700 | $1,010,400 |
| 55416 | N/A | N/A | N/A | N/A | N/A |
| 55423 | $171,500 | $172,000 | $314,500 | $378,100 | $467,700 |
| 55424 | N/A | N/A | N/A | N/A | N/A |
| 55435 | $452,840 | $482,900 | $512,800 | $644,600 | $766,880 |
| 55436 | N/A | N/A | N/A | N/A | N/A |
| 55439 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Edina, Minnesota
In Edina, Hennepin County, MN, property tax bills are determined based on the assessed value of a home, which is influenced by the market value. The calculation involves multiplying the assessed value by the local tax rate. For instance, the median home price in Edina stands at $504,900. Property tax bills can vary significantly, with the 25th percentile at $5,574 and the 75th percentile at $8,446, reflecting differences in property values and applicable exemptions. Several factors influence the property tax bill, including property type, location, and any applicable exemptions or deductions. Homeowners in the highest median tax bill zip code, 55410, face an average bill of $6,604, while those in the lowest, 55423, pay around $3,417. These figures highlight the variability within the region. Compared to the national median property tax rate of 0.99%, Edina's rates may seem high, but they are reflective of the higher property values in the area. This impacts homeowners by contributing to the overall cost of owning a home, making accurate assessments and potential appeals crucial for managing expenses.
Average Edina Tax Bill
$6,490
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Edina, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55410 | $5,029 | $5,721 | $6,604 | $8,620 | $13,790 |
| 55416 | N/A | N/A | N/A | N/A | N/A |
| 55423 | $1,862 | $2,370 | $3,417 | $4,337 | $6,159 |
| 55424 | N/A | N/A | N/A | N/A | N/A |
| 55435 | $5,474 | $5,837 | $6,230 | $8,778 | $9,929 |
| 55436 | N/A | N/A | N/A | N/A | N/A |
| 55439 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell