Minnetonka, Hennepin County, Minnesota Property Taxes

Name: Property Tax Bills Across Minnetonka, Hennepin County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Minnetonka, MN effective property tax rate: 1.25%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Minnetonka, MN home value: $436,950
Median annual Minnetonka, MN tax bill: $5,374, $2,974 higher than the national median property tax bill of $2,400.

How are property taxes in Hennepin County calculated?

Property taxes in Minnetonka, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Minnetonka’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Minnetonka, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Minnetonka, Hennepin County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.25%

Estimate Property Tax Bill

$5,462

$5,068

Ownwell’s Minnetonka Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Minnetonka with just two data points. By entering your property's estimated assessed value, our calculator applies Minnetonka’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Hennepin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Minnetonka, Hennepin County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Minnetonka, located in Hennepin County, the effective property tax rate is 1.25%, which is above the national median of 1.02%. This places Minnetonka on the higher end of the spectrum compared to the national average. Within the state, Minnetonka shares this rate with the highest median tax rate in the county, while other areas like the 55343 zip code have a lower median rate of 1.08%. Comparing Minnetonka’s property tax rate to the median in Minnesota and across the U.S. provides valuable insights for property owners. Understanding these variations can help in making informed decisions about property investments and appeals.

Property Tax Rates Across Minnetonka, Hennepin County, Minnesota

Source: Ownwell

0.97%

1.21%

1.45%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Minnetonka Tax Rate

1.25%

Median Effective Hennepin County Tax Rate

1.26%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Minnetonka, Hennepin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55343	1.02%	1.03%	1.08%	1.09%	1.12%
55345	1.16%	1.18%	1.25%	1.26%	1.31%
55305	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Minnetonka, Hennepin County, Minnesota

When examining property taxes in Minnetonka, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hennepin County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Hennepin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Minnetonka. For example, the median home price in Minnetonka is $436,950, with tax bills ranging significantly across the county. Zip code 55345 has the highest median home price at $437,700.

Property Tax Assessment Values Across Minnetonka, Hennepin County, Minnesota

Source: Ownwell

$185,500

$510,700

$835,900

Median Minnetonka Market Value

$436,950

Median Hennepin County Market Value

$350,000

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Minnetonka, Hennepin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55343	$156,920	$165,900	$213,000	$221,500	$221,580
55345	$297,820	$373,000	$437,700	$539,950	$700,060
55305	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Minnetonka, Hennepin County, Minnesota

In Minnetonka, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Minnetonka is $436,950, and the property tax rates result in a range of tax bills. For instance, the 25th percentile tax bill is $4,527, while the 75th percentile reaches $6,695, and the 90th percentile climbs to $9,043. This variation reflects differences in property values and the effective tax rates applied. Homeowners in Minnetonka face tax bills that often exceed the national median property tax bill of $2,400. Ownwell offers services to help homeowners potentially reduce these burdensome tax bills. By analyzing property assessments and identifying discrepancies or opportunities for exemptions, Ownwell can assist in appealing for a fairer tax assessment, potentially leading to significant savings for homeowners.

Property Tax Bills Across Minnetonka, Hennepin County, Minnesota

Source: Ownwell

$2,303

$6,804

$11,304

Median Minnetonka Tax Bill

$5,374

Median Hennepin County Tax Bill

$4,453

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Minnetonka, Hennepin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55343	$1,597	$1,710	$2,303	$2,410	$2,436
55345	$3,596	$4,541	$5,384	$6,707	$9,049
55305	N/A	N/A	N/A	N/A	N/A

Source: Ownwell