Mound, Minnesota Property Taxes
The median property tax rate in Mound, MN is 0.98%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mound at $448,000, the typical annual property tax bill reaches $4,374, significantly exceeding the national median of $2,690. Property taxes in Mound are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mound's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mound 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
Mound, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$4,390
Ownwell’s Mound Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mound with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mound 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 Mound, Minnesota
Property taxes in Mound, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mound is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Mound set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mound 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 Mound's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55364 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Mound 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 Mound Tax Rate
0.98%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mound, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55364 | 0.86% | 0.92% | 0.98% | 1.07% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Mound, Minnesota
In Mound, 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 Mound, 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 Mound helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mound is $448,000, with the 25th percentile tax bill at $2,908 and the 90th percentile tax bill reaching $13,616.
Average Mound Assessed Value
$448,000
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 Mound, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55364 | $231,000 | $292,000 | $448,000 | $826,000 | $1,297,000 |
Source: Ownwell
Property Tax Bills Across Mound, Minnesota
In Mound, 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 and reflects the market value of the property. Homeowners in Mound experience a range of property tax bills, influenced by various factors including property size, location, and improvements. The median home price in Mound is $448,000, with property tax bills typically falling between $2,908 at the 25th percentile and $13,616 at the 90th percentile. The highest median tax bill in the area is $4,374, which aligns with the lowest median tax bill, both found in the 55364 zip code. Compared to the national median property tax rate of 0.99%, Mound's property taxes can significantly impact homeowners, particularly those with higher-valued properties. Understanding how these factors interplay helps residents anticipate their financial obligations and plan accordingly.
Average Mound Tax Bill
$4,374
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mound, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55364 | $2,199 | $2,908 | $4,374 | $8,277 | $13,616 |
Source: Ownwell