Minneapolis, Anoka County, Minnesota Property Taxes
The median property tax rate in MINNEAPOLIS, MN is 0.99%, aligning with the national median. With the median home value in MINNEAPOLIS, the typical annual property tax bill reaches $3,085, surpassing the national median of $2,690. Property taxes in MINNEAPOLIS are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding MINNEAPOLIS'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 MINNEAPOLIS 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
Minneapolis, Anoka County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,950
$2,738
Ownwell’s Minneapolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minneapolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minneapolis 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 Minneapolis, Anoka County, Minnesota
Property taxes in Minneapolis, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minneapolis is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Minneapolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minneapolis 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 Minneapolis's effective property tax rate to other areas in Anoka County and the national median. For comparison, the 55421 zip code has the highest median property tax rate of 1.16%, while the 55434 zip code has the lowest median tax rate of 0.93%. Understanding how these cities compare with Minneapolis provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minneapolis Tax Rate
0.99%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minneapolis, Anoka County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55413 | N/A | N/A | N/A | N/A | N/A |
| 55421 | 1.02% | 1.12% | 1.16% | 1.21% | 1.36% |
| 55432 | 0.97% | 1.04% | 1.15% | 1.25% | 1.29% |
| 55433 | 0.89% | 0.94% | 0.98% | 1.03% | 1.08% |
| 55434 | 0.64% | 0.90% | 0.93% | 0.96% | 0.99% |
| 55448 | 0.91% | 0.94% | 0.98% | 1.01% | 1.07% |
| 55449 | 0.83% | 0.93% | 0.96% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Minneapolis, Anoka County, Minnesota
In Minneapolis, 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 Anoka 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 Minneapolis, 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. For example, the zip code 55449 has the highest median tax bill at $3,915, while the zip code 55413 has the lowest at $2,367. Being aware of these valuation processes in Minneapolis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Minneapolis, Anoka County, Minnesota
Source: Ownwell
$270,950
$412,600
$554,250
Average Minneapolis Assessed Value
$298,000
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minneapolis, Anoka County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55413 | N/A | N/A | N/A | N/A | N/A |
| 55421 | $116,700 | $230,700 | $270,950 | $305,600 | $348,900 |
| 55432 | $192,500 | $256,000 | $288,400 | $325,200 | $372,460 |
| 55433 | $207,600 | $241,700 | $286,900 | $324,000 | $364,700 |
| 55434 | $50,180 | $231,400 | $294,050 | $340,300 | $405,130 |
| 55448 | $209,900 | $260,600 | $311,700 | $365,800 | $432,520 |
| 55449 | $234,220 | $288,200 | $413,400 | $526,200 | $629,420 |
Source: Ownwell
Property Tax Bills Across Minneapolis, Anoka County, Minnesota
In Minneapolis, 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 reflects the market value of the property. For homeowners in Anoka County, the median home price is $298,000. The property tax rate in this area results in varying tax bills. For example, the 25th percentile tax bill is $2,461, while the 75th percentile reaches $3,811. At the 90th percentile, homeowners might see tax bills as high as $4,811. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in the local tax rate. For instance, the highest median tax bill in the area is $3,915, found in the 55449 zip code, while the lowest is $2,367 in the 55413 zip code. These variations can significantly impact homeowners, affecting their annual budget and long-term financial planning. Compared to the national median property tax rate of 0.99%, Minneapolis homeowners experience a range of tax bills that can be substantial.
Average Minneapolis Tax Bill
$3,085
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minneapolis, Anoka County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55413 | N/A | N/A | N/A | N/A | N/A |
| 55421 | $1,166 | $2,657 | $3,164 | $3,631 | $4,387 |
| 55432 | $1,817 | $2,797 | $3,374 | $3,939 | $4,666 |
| 55433 | $1,891 | $2,343 | $2,840 | $3,279 | $3,786 |
| 55434 | $290 | $2,080 | $2,749 | $3,269 | $3,891 |
| 55448 | $1,962 | $2,485 | $3,098 | $3,724 | $4,390 |
| 55449 | $1,038 | $2,610 | $3,915 | $5,071 | $6,302 |
Source: Ownwell