Minneapolis, Ramsey County, Minnesota Property Taxes

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

Median MINNEAPOLIS, MN effective property tax rate: 1.56%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median MINNEAPOLIS, MN home value: $259,500
Median annual MINNEAPOLIS, MN tax bill: $3,984, $1,584 higher than the national median property tax bill of $2,400.

How are property taxes in Ramsey calculated?

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

Last Updated March 1, 2025

Minneapolis, Ramsey County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.56%

Estimate Property Tax Bill

$4,048

$3,757

Ownwell’s Minneapolis Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Minneapolis with just two data points. By entering your property's estimated assessed value, our calculator applies Minneapolis’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 Ramsey County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Minneapolis, Ramsey 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 Minneapolis's effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.

In Minneapolis, located in Ramsey County, property tax rates reflect the city's unique financial needs and property values. The median property tax rate in Minnesota is 1.56%, which is above the national median of 1.02%. Within the state, the highest median tax rate is 1.61% in the 55421 zip code, while the lowest is 0.98% in the 55418 zip code. This diversity in tax rates underscores the importance of understanding local property tax dynamics. By comparing these rates, property owners can gain insights into their tax liabilities and potential savings through appeals or exemptions.

Property Tax Rates Across Minneapolis, Ramsey County, Minnesota

Source: Ownwell

0.98%

1.32%

1.65%

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 Minneapolis Tax Rate

1.56%

Median Effective Ramsey County Tax Rate

1.37%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Minneapolis, Ramsey County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55418	0.87%	0.94%	0.98%	1.24%	1.24%
55421	1.32%	1.46%	1.61%	1.68%	1.72%
55432	1.15%	1.20%	1.26%	1.29%	1.32%

Source: Ownwell

Property Tax Assessment Values Across Minneapolis, Ramsey County, Minnesota

When examining property taxes in Minneapolis, 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 Ramsey 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 Ramsey 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 Minneapolis.

For example, the median home price in Minneapolis is $259,500, with tax bills ranging significantly across the county. The 55421 zip code has the highest median home price at $269,600.

Property Tax Assessment Values Across Minneapolis, Ramsey County, Minnesota

Source: Ownwell

$108,400

$511,050

$913,700

Median Minneapolis Market Value

$259,500

Median Ramsey County Market Value

$300,800

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Minneapolis, Ramsey County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55418	$86,670	$97,300	$108,400	$114,400	$327,100
55421	$140,740	$197,350	$269,600	$367,600	$439,600
55432	$241,800	$248,600	$254,500	$285,000	$339,720

Source: Ownwell

Property Tax Bills Across Minneapolis, Ramsey County, Minnesota

In Minneapolis, Ramsey County, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the tax bill. Factors such as changes in property value, local government budgets, and voter-approved levies can influence the tax rate. Homeowners in Minneapolis face a median property tax bill that can vary significantly, with the 25th percentile at $2,568 and the 90th percentile reaching $7,005. Comparatively, the national median property tax bill is $2,400, indicating that Minneapolis homeowners often pay more than the national average. The highest median tax bill in the area is $4,456 in the 55421 zip code, while the lowest is $1,101 in the 55418 zip code. Ownwell can assist homeowners in reducing their property tax bills by providing expert property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell helps ensure homeowners are not overpaying, potentially saving them significant amounts on their annual tax bills.

Property Tax Bills Across Minneapolis, Ramsey County, Minnesota

Source: Ownwell

$1,101

$6,808

$12,514

Median Minneapolis Tax Bill

$3,984

Median Ramsey County Tax Bill

$4,166

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Minneapolis, Ramsey County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55418	$768	$970	$1,101	$1,350	$3,969
55421	$1,936	$2,962	$4,456	$5,906	$7,269
55432	$2,938	$3,090	$3,160	$3,664	$4,289

Source: Ownwell