St Louis Park, Minnesota Property Taxes
The median property tax rate in St. Louis Park, MN is 1.31%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $320,700 in St. Louis Park, the typical annual property tax bill reaches $4,188, exceeding the national median of $2,690. Property taxes in St. Louis Park 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 St. Louis 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 St. Louis 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
St Louis Park, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$4,201
Ownwell’s St Louis Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in St Louis Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in St Louis 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 St Louis Park, Minnesota
Property taxes in St Louis 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 St Louis Park is 1.31%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within St Louis Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, St Louis 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 St Louis Park's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55426 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with St Louis 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 St Louis Park Tax Rate
1.31%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across St Louis Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55426 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across St Louis Park, Minnesota
In St. Louis Park, 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 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 St. Louis 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 St. Louis Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both come in at $4,188 in the 55426 zip code.
Property Tax Assessment Values Across St Louis Park, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average St Louis Park Assessed Value
$320,700
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 St Louis Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55426 | $320,700 | $320,700 | $320,700 | $320,700 | $320,700 |
Source: Ownwell
Property Tax Bills Across St Louis Park, Minnesota
In St. Louis Park, Hennepin County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $320,700, and property taxes are determined by applying the local tax rate to this assessed value. Factors influencing the tax bill include property market conditions, local government budgets, and any applicable exemptions or deductions. For homeowners in St. Louis Park, the property tax bill at the 25th, 75th, and 90th percentiles is consistently $4,188, which is significantly higher than the national median property tax rate of 0.99%. This uniformity in tax bills suggests a relatively stable property tax environment within the city. Homeowners need to be aware of these taxes as they can impact overall housing affordability and long-term financial planning. Understanding how these taxes are calculated and the factors involved can help homeowners better manage their expenses and anticipate future tax liabilities.
Average St Louis Park Tax Bill
$4,188
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across St Louis Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55426 | $4,188 | $4,188 | $4,188 | $4,188 | $4,188 |
Source: Ownwell