New Hope, Hennepin County, Minnesota Property Taxes
- Median New Hope, MN effective property tax rate: 1.43%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
- Median New Hope, MN home value: $326,500
- Median annual New Hope, MN tax bill: $4,725, $2,325 higher than the national median property tax bill of $2,400.
How are property taxes in Hennepin calculated?
Property taxes in New Hope, 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 New Hope’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Hope, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Hope, Hennepin County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.43%
Estimate Property Tax Bill
$4,669
$4,333
Property Tax Rates Across New Hope, Hennepin County, Minnesota
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
New Hope in Hennepin County, Minnesota, showcases an intriguing property tax landscape. The city's effective property tax rate is comparable to other cities in Minnesota, with Hennepin County's median tax rate at 1.43%. This rate is notably higher than the national median property tax rate of 1.02%. Within the county, the highest median tax rate is 1.45% in the 55427 zip code, while the lowest is 1.43% in the 55428 zip code. These figures highlight the variability in property tax rates even within a single county. Comparing these rates to the U.S. median property tax bill of $2,400, Minnesota's rates reflect a more substantial financial commitment for property owners. Understanding these dynamics is crucial for property owners seeking to manage their tax liabilities effectively.
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 New Hope Tax Rate
1.43%
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 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 New Hope, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55427 | 1.43% | 1.43% | 1.45% | 1.46% | 1.47% |
| 55428 | 1.40% | 1.41% | 1.43% | 1.44% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across New Hope, Hennepin County, Minnesota
When examining property taxes in New Hope, 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 New Hope. For example, the median home price in New Hope is $326,500, with tax bills ranging significantly across the county. Zip code 55427 has the highest median home price at $358,000.
Property Tax Assessment Values Across New Hope, Hennepin County, Minnesota
Source: Ownwell
$185,500
$510,700
$835,900
Median New Hope Market Value
$326,500
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 New Hope, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55427 | $306,000 | $316,500 | $358,000 | $394,000 | $402,000 |
| 55428 | $269,000 | $283,000 | $310,000 | $337,000 | $364,400 |
Source: Ownwell
Property Tax Bills Across New Hope, Hennepin County, Minnesota
Median New Hope Tax Bill
$4,725
Median Hennepin County Tax Bill
$4,453
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across New Hope, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55427 | $4,372 | $4,538 | $5,195 | $5,763 | $5,890 |
| 55428 | $3,788 | $4,046 | $4,407 | $4,831 | $5,261 |
Source: Ownwell