Excelsior, Minnesota Property Taxes
The median property tax rate in Excelsior, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Excelsior, the typical annual property tax bill reaches $7,657, exceeding the national median of $2,690. Property taxes in Excelsior 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 Excelsior'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 Excelsior 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
Excelsior, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$7,830
Ownwell’s Excelsior Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Excelsior with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Excelsior 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 Hennepin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Excelsior, Minnesota
Property taxes in Excelsior, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Excelsior is 1.16%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Excelsior set these rates annually, and they can vary significantly across different neighborhoods. Each year, Excelsior 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 Excelsior's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55331 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Excelsior 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 Excelsior Tax Rate
1.16%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Excelsior, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | 0.90% | 1.09% | 1.16% | 1.22% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Excelsior, Minnesota
In Excelsior, 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's Office 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 Excelsior, 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. Excelsior's median home price stands at $675,000, with tax bills ranging from $5,290 at the 25th percentile to $23,942 at the 90th percentile. Interestingly, the zip code 55331 has both the highest and lowest median tax bill of $7,657. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Excelsior, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Excelsior Assessed Value
$675,000
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 Excelsior, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | $368,100 | $479,000 | $675,000 | $1,081,000 | $1,982,800 |
Source: Ownwell
Property Tax Bills Across Excelsior, Minnesota
In Excelsior, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors influencing the assessed value include the property's market value, improvements, and comparable sales in the area. For homeowners in Excelsior, the median home price is $675,000. At the 25th percentile, tax bills are around $5,290, while at the 75th percentile, they rise to $12,859. The highest median tax bill in the area is $7,657, with the lowest being the same amount, indicating uniformity within the zip code 55331. Nationally, the median property tax rate is 0.99%, which provides a benchmark for comparison. Understanding these elements helps homeowners anticipate their annual tax obligations and budget accordingly. High property taxes can affect affordability and influence decisions about purchasing or retaining property in the area.
Average Excelsior Tax Bill
$7,657
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Excelsior, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | $3,900 | $5,290 | $7,657 | $12,859 | $23,942 |
Source: Ownwell