Maple Plain, Minnesota Property Taxes
The median property tax rate in Maple Plain, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Maple Plain at $471,500, the typical annual property tax bill reaches $5,615, exceeding the national median of $2,690. Property taxes in Maple Plain 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 Maple Plain'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 Maple Plain 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
Maple Plain, 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 Maple Plain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maple Plain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maple Plain 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 Maple Plain, Minnesota
Property taxes in Maple Plain, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maple Plain is 1.20%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Maple Plain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maple Plain 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 Maple Plain's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55359 zip code has the highest median property tax rate of 1.20%, while the 55359 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Maple Plain 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 Maple Plain Tax Rate
1.20%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maple Plain, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55359 | 1.00% | 1.08% | 1.20% | 1.30% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Maple Plain, Minnesota
In Maple Plain, 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 Maple Plain, 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 Maple Plain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in the area is 55359, with a median tax bill of $5,615.
Property Tax Assessment Values Across Maple Plain, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Maple Plain Assessed Value
$471,500
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 Maple Plain, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55359 | $268,500 | $341,000 | $471,500 | $738,750 | $991,500 |
Source: Ownwell
Property Tax Bills Across Maple Plain, Minnesota
Property tax bills in Maple Plain, located in Hennepin County, MN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, size, location, and any improvements made. For homeowners in Maple Plain, the median home price is $471,500. The property tax bill can vary significantly, with the 25th percentile at $4,175 and the 75th percentile reaching $8,778. At the 90th percentile, homeowners might see tax bills as high as $12,073. The median property tax rate in the area is higher than the national median of 0.99%, reflecting the local government's funding needs for public services such as schools, infrastructure, and emergency services. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners based on their property's worth.
Average Maple Plain Tax Bill
$5,615
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Maple Plain, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55359 | $3,208 | $4,175 | $5,615 | $8,778 | $12,073 |
Source: Ownwell