Crystal, Minnesota Property Taxes
The median property tax rate in Crystal, MN is 1.34%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Crystal, the typical annual property tax bill reaches $3,536, exceeding the national median of $2,690. Property taxes in Crystal 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 Crystal'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 Crystal 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
Crystal, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$2,988
Ownwell’s Crystal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crystal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crystal 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 Crystal, Minnesota
Property taxes in Crystal, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crystal is 1.34%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Crystal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crystal 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 Crystal's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55428 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these areas compare with Crystal 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 Crystal Tax Rate
1.34%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crystal, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55422 | N/A | N/A | N/A | N/A | N/A |
| 55428 | 1.27% | 1.30% | 1.34% | 1.58% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Crystal, Minnesota
In Crystal, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 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 Crystal, 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 Crystal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $3,544, found in the 55428 zip code.
Average Crystal Assessed Value
$223,000
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 Crystal, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55422 | N/A | N/A | N/A | N/A | N/A |
| 55428 | $179,200 | $181,750 | $248,000 | $277,000 | $292,300 |
Source: Ownwell
Property Tax Bills Across Crystal, Minnesota
In Crystal, located in Hennepin County, MN, 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, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and market trends. For instance, the median home price in Crystal is $223,000. Homeowners in the 25th percentile can expect a tax bill around $2,425, while those in the 75th percentile might see a tax bill closer to $3,725. At the 90th percentile, the tax bill can reach approximately $4,100. These property tax bills significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, the rates in Crystal can vary, influencing the overall affordability and financial planning for residents.
Average Crystal Tax Bill
$3,536
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Crystal, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55422 | N/A | N/A | N/A | N/A | N/A |
| 55428 | $2,362 | $2,829 | $3,544 | $3,776 | $4,187 |
Source: Ownwell