Wayzata, Hennepin County, Minnesota Property Taxes

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

Median Wayzata, MN effective property tax rate: 1.14%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Wayzata, MN home value: $758,350
Median annual Wayzata, MN tax bill: $8,724, $6,324 higher than the national median property tax bill of $2,400.

How are property taxes in Hennepin calculated?

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

Last Updated March 1, 2025

Wayzata, Hennepin County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.14%

Estimate Property Tax Bill

$8,645

$8,022

Ownwell’s Wayzata Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wayzata with just two data points. By entering your property's estimated assessed value, our calculator applies Wayzata’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 Wayzata, 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. 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.

Below, you can compare Wayzata’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.

Property Tax Rates Across Wayzata, 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 Wayzata Tax Rate

1.14%

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 Wayzata, Hennepin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55391	0.97%	1.06%	1.14%	1.22%	1.30%

Source: Ownwell

Property Tax Assessment Values Across Wayzata, Hennepin County, Minnesota

When examining property taxes in Wayzata, 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 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. Assessment notices: 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 Wayzata. For example, the median home price in Wayzata is $758,350, with tax bills ranging significantly across the county. 55391 has the highest median home price at $758,350.

Property Tax Assessment Values Across Wayzata, Hennepin County, Minnesota

Source: Ownwell

$185,500

$510,700

$835,900

Median Wayzata Market Value

$758,350

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 Wayzata, Hennepin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55391	$354,000	$500,000	$758,350	$1,301,250	$2,417,400

Source: Ownwell

Property Tax Bills Across Wayzata, Hennepin County, Minnesota

In Wayzata, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home. This value is determined by the county assessor and reflects the property's market value. The tax rate is applied to this assessed value to calculate the annual property tax bill. In Wayzata, the median home price is $758,350, resulting in tax bills that can vary significantly. For instance, property tax bills range from $5,565 at the 25th percentile to $28,202 at the 90th percentile, with a median tax bill of $8,724, which is considerably above the national median of $2,400. High property taxes can be a significant burden for homeowners, affecting their overall financial health. Ownwell offers a solution by providing property tax appeal services, potentially reducing these burdensome costs. By analyzing market conditions and comparable property values, Ownwell can identify opportunities for tax savings, ensuring homeowners only pay their fair share. This service can result in substantial savings, making homeownership more affordable.

Property Tax Bills Across Wayzata, Hennepin County, Minnesota

Source: Ownwell

$2,303

$6,804

$11,304

Median Wayzata Tax Bill

$8,724

Median Hennepin County Tax Bill

$4,453

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Wayzata, Hennepin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55391	$3,730	$5,565	$8,724	$15,355	$28,202

Source: Ownwell