Spring Park, Minnesota Property Taxes
The median property tax rate in Spring Park, MN is 0.97%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Spring Park at $527,000, the typical annual property tax bill amounts to $5,089, significantly higher than the national median of $2,690. Property taxes in Spring Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spring Park'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 Spring Park 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
Spring Park, 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 SPRING PARK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING PARK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING PARK 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 Spring Park, Minnesota
Property taxes in Spring Park, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Park is 0.97%, just below the U.S. national median of 0.99%. Local government entities within Spring Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Park 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 Spring Park's effective property tax rate to other areas in Hennepin County and the national median. For comparison, the zip code 55384 has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Spring Park 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 Spring Park Tax Rate
0.97%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55384 | 0.92% | 0.95% | 0.97% | 1.05% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Spring Park, Minnesota
In Spring Park, Minnesota, understanding the distinction between "market value" and "assessed value" is key to 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 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 Spring Park, 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 Spring Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Spring Park are both $5,089 in zip code 55384.
Property Tax Assessment Values Across Spring Park, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Spring Park Assessed Value
$527,000
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 Spring Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55384 | $247,000 | $375,000 | $527,000 | $823,500 | $1,185,400 |
Source: Ownwell
Property Tax Bills Across Spring Park, Minnesota
In Spring Park, 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 Spring Park is $527,000, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, home improvements, and market conditions can influence the assessed value. For homeowners, this means that any increase in property value can lead to higher tax bills. Homeowners in Spring Park experience a range of tax bills. The 25th percentile tax bill is $3,639, while the 75th percentile reaches $8,738. The 90th percentile tax bill can be as high as $12,793. Comparatively, the national median property tax rate is 0.99%, making Spring Park’s tax rates relatively significant. These property taxes fund local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Therefore, understanding how these taxes are calculated is crucial for homeowners planning their finances.
Average Spring Park Tax Bill
$5,089
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55384 | $2,256 | $3,639 | $5,089 | $8,738 | $12,793 |
Source: Ownwell