Champlin, Minnesota Property Taxes
The median property tax rate in Champlin, MN is 1.12%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Champlin at $331,000, the typical annual property tax bill reaches $3,801, exceeding the national median of $2,690. Property taxes in Champlin 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 Champlin'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 Champlin 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
Champlin, 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 Champlin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Champlin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Champlin 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 Champlin, Minnesota
Property taxes in Champlin, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Champlin is 1.12%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Champlin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Champlin 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 Champlin's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55316 zip code has the highest median property tax rate of 1.12%, while the 55316 zip code has the lowest median tax rate of 1.12%. Understanding how these cities compare with Champlin 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 Champlin Tax Rate
1.12%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Champlin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55316 | 1.08% | 1.10% | 1.12% | 1.13% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Champlin, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Champlin, Minnesota. 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 Champlin, 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. The median home price in Champlin is $331,000, with the 25th percentile tax bill at $3,360 and the 75th percentile tax bill at $4,806. 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 Champlin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Champlin Assessed Value
$331,000
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 Champlin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55316 | $247,200 | $299,000 | $331,000 | $393,000 | $504,000 |
Source: Ownwell
Property Tax Bills Across Champlin, Minnesota
In Champlin, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates your property's market value. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. Factors such as property size, location, and market trends influence the assessed value. For homeowners, this means that changes in the housing market or improvements to your property can affect your tax bill. For instance, the median home price in Champlin is $331,000, and tax bills can vary significantly. At the 25th percentile, tax bills are around $3,360, while at the 75th percentile, they rise to $4,806, and at the 90th percentile, they can reach $5,922. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and property values can impact your overall tax obligations.
Average Champlin Tax Bill
$3,801
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Champlin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55316 | $2,705 | $3,360 | $3,801 | $4,806 | $5,922 |
Source: Ownwell