Hopkins, Hennepin County, Minnesota Property Taxes
Median Hopkins, MN effective property tax rate: 1.19%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Hopkins, MN home value: $353,000
Median annual Hopkins, MN tax bill: $4,565, $2,165 higher than the national median property tax bill of $2,400.
How are property taxes in Hennepin County calculated?
Property taxes in Hopkins, 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 Hopkins’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hopkins, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hopkins, Hennepin County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.19%
Estimate Property Tax Bill
$4,201
$3,898
Ownwell’s Hopkins Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hopkins with just two data points.
By entering your property's estimated assessed value, our calculator applies Hopkins’ 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 Hopkins, Hennepin County, Minnesota
Local government entities in Minnesota set property tax rates, which can vary widely within the state. Each year, counties estimate their required budget to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this process is the core of how property tax rates are determined annually.
Hopkins, located in Hennepin County, offers a glimpse into these variations. The effective property tax rate in Hopkins is part of this diverse landscape. Compared to the national median property tax rate of 1.02%, Minnesota's median rate stands at 1.19%, indicating a higher tax burden compared to the national average. Within Hennepin County, the highest median tax rate is 1.34% in the 55343 ZIP code, while the lowest is 1.17% in the 55305 ZIP code. These figures illustrate the range of property tax rates within the county and highlight the importance of understanding local tax dynamics.
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 Hopkins Tax Rate
1.19%
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 Hopkins, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | 1.10% | 1.16% | 1.17% | 1.23% | 1.31% |
| 55343 | 1.09% | 1.15% | 1.34% | 1.45% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Hopkins, Hennepin County, Minnesota
When examining property taxes in Hopkins, 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 Hopkins.
For example, the median home price in Hopkins is $353,000, with tax bills ranging significantly across the county. Zip code 55305 has the highest median home price at $411,900.
Property Tax Assessment Values Across Hopkins, Hennepin County, Minnesota
Source: Ownwell
$185,500
$510,700
$835,900
Median Hopkins Market Value
$353,000
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 Hopkins, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | $168,880 | $273,300 | $411,900 | $557,900 | $806,900 |
| 55343 | $124,000 | $207,300 | $317,000 | $402,275 | $544,300 |
Source: Ownwell
Property Tax Bills Across Hopkins, Hennepin County, Minnesota
Median Hopkins Tax Bill
$4,565
Median Hennepin County Tax Bill
$4,453
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Hopkins, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55305 | $1,892 | $3,141 | $4,853 | $6,826 | $10,578 |
| 55343 | $1,541 | $2,546 | $4,241 | $5,511 | $7,404 |
Source: Ownwell