Hopkins, Minnesota Property Taxes
The median property tax rate in Hopkins, MN is 1.19%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Hopkins, the typical annual property tax bill reaches $4,565, exceeding the national median of $2,690. Property taxes in Hopkins 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 Hopkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hopkins 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
Hopkins, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$4,201
Ownwell’s Hopkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkins 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 Hopkins, Minnesota
Property taxes in Hopkins, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkins is 1.19%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Hopkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkins 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 Hopkins' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55343 zip code has the highest median property tax rate of 1.34%, while the 55305 zip code has the lowest median tax rate of 1.17%. Understanding how these cities compare with Hopkins 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 Hopkins Tax Rate
1.19%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | 1.10% | 1.16% | 1.17% | 1.23% | 1.31% |
| 55343 | 1.09% | 1.15% | 1.34% | 1.45% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Hopkins, Minnesota
In Hopkins, 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 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 Hopkins, 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 Hopkins is $353,000. The median tax bill in the 25th percentile is $2,845, while in the 75th percentile, it is $5,963. The 90th percentile tax bill can reach up to $9,000. The highest median tax bill is $4,853 in zip code 55305, and the lowest median tax bill is $4,241 in zip code 55343. By understanding 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 Hopkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hopkins Assessed Value
$353,000
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 Hopkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | $168,880 | $273,300 | $411,900 | $557,900 | $806,900 |
| 55343 | $124,000 | $207,300 | $317,000 | $402,275 | $544,300 |
Source: Ownwell
Property Tax Bills Across Hopkins, Minnesota
In Hopkins, 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. Homeowners in Hopkins experience varying tax bills depending on their property's value and specific location within the city. For instance, homes in the 55305 zip code see the highest median tax bill at $4,853, while those in the 55343 zip code encounter a slightly lower median tax bill of $4,241. The tax bill for the 25th percentile of properties is approximately $2,845, whereas those in the 75th percentile face around $5,963. At the 90th percentile, homeowners can expect to pay close to $9,000. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Hopkins homeowners may find their tax obligations higher, reflecting the value placed on community services and amenities.
Average Hopkins Tax Bill
$4,565
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | $1,892 | $3,141 | $4,853 | $6,826 | $10,578 |
| 55343 | $1,541 | $2,546 | $4,241 | $5,511 | $7,404 |
Source: Ownwell