Minneapolis, Hennepin County, Minnesota Property Taxes
Median Minneapolis, MN effective property tax rate: 1.30%, significantly higher than the national median of 1.02%, but lower than the MN state median of 1.11%.
Median Minneapolis, MN home value: $325,900
Median annual Minneapolis, MN tax bill: $4,242, $1,842 higher than the national median property tax bill of $2,400.
How are property taxes in Hennepin 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, Hennepin County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.3%
Estimate Property Tax Bill
$4,237
$3,932
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 Hennepin County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Minneapolis, Hennepin County, Minnesota
Local government entities set tax rates, which can vary widely within a state. 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.
In Minneapolis, located in Hennepin County, property tax rates reflect this process. The median property tax rate in Minnesota is 1.30%, which is above the national median of 1.02%. Within Hennepin County, the highest median tax rate is found in the 55427 ZIP code at 1.40%, while the lowest is in the 55435 ZIP code at 1.09%. These variations highlight the impact of local budgeting decisions on residents' tax bills.
Comparing Minneapolis’s effective property tax rate to other cities in Minnesota provides insight into how local governance and economic factors influence property taxes. Understanding these differences can help property owners make informed decisions about their investments and financial planning.
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
1.30%
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 Minneapolis, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55401 | 1.23% | 1.28% | 1.32% | 1.33% | 1.42% |
| 55402 | 1.32% | 1.32% | 1.33% | 1.38% | 1.40% |
| 55403 | 1.17% | 1.27% | 1.32% | 1.45% | 3.09% |
| 55404 | 1.16% | 1.24% | 1.32% | 1.32% | 1.61% |
| 55405 | 1.25% | 1.30% | 1.32% | 1.45% | 1.60% |
| 55406 | 1.23% | 1.27% | 1.30% | 1.34% | 1.41% |
| 55407 | 1.22% | 1.26% | 1.30% | 1.33% | 1.61% |
| 55408 | 1.20% | 1.29% | 1.32% | 1.39% | 1.61% |
| 55409 | 1.21% | 1.28% | 1.32% | 1.36% | 1.46% |
| 55410 | 1.30% | 1.31% | 1.35% | 1.41% | 1.47% |
| 55411 | 1.17% | 1.22% | 1.31% | 1.39% | 1.74% |
| 55412 | 1.15% | 1.20% | 1.25% | 1.32% | 1.59% |
| 55413 | 1.24% | 1.29% | 1.32% | 1.37% | 1.61% |
| 55414 | 1.20% | 1.28% | 1.32% | 1.38% | 1.61% |
| 55415 | 1.26% | 1.32% | 1.32% | 1.35% | 1.42% |
| 55416 | 1.26% | 1.31% | 1.34% | 1.39% | 1.47% |
| 55417 | 1.24% | 1.28% | 1.31% | 1.33% | 1.39% |
| 55418 | 1.25% | 1.28% | 1.32% | 1.51% | 1.61% |
| 55419 | 1.28% | 1.31% | 1.34% | 1.40% | 1.46% |
| 55420 | 1.10% | 1.13% | 1.15% | 1.17% | 1.24% |
| 55421 | 1.24% | 1.27% | 1.34% | 1.54% | 1.70% |
| 55422 | 1.29% | 1.32% | 1.35% | 1.42% | 1.52% |
| 55423 | 1.26% | 1.28% | 1.29% | 1.32% | 1.33% |
| 55424 | 1.22% | 1.28% | 1.34% | 1.39% | 1.45% |
| 55425 | 1.10% | 1.13% | 1.15% | 1.17% | 1.26% |
| 55426 | 1.25% | 1.29% | 1.32% | 1.34% | 1.40% |
| 55427 | 1.30% | 1.33% | 1.40% | 1.44% | 1.47% |
| 55428 | 1.25% | 1.28% | 1.33% | 1.43% | 1.50% |
| 55429 | 1.27% | 1.33% | 1.37% | 1.45% | 1.61% |
| 55430 | 1.22% | 1.26% | 1.34% | 1.45% | 1.69% |
| 55431 | 1.14% | 1.15% | 1.17% | 1.18% | 1.25% |
| 55435 | 0.93% | 1.00% | 1.09% | 1.24% | 1.31% |
| 55436 | 1.05% | 1.21% | 1.26% | 1.35% | 1.42% |
| 55437 | 1.10% | 1.15% | 1.17% | 1.18% | 1.21% |
| 55438 | 1.07% | 1.12% | 1.18% | 1.20% | 1.25% |
| 55439 | 1.18% | 1.21% | 1.25% | 1.31% | 1.37% |
| 55441 | 1.07% | 1.09% | 1.12% | 1.14% | 1.20% |
| 55442 | 1.02% | 1.11% | 1.12% | 1.13% | 1.17% |
| 55443 | 1.20% | 1.24% | 1.29% | 1.31% | 1.33% |
| 55444 | 1.16% | 1.18% | 1.19% | 1.27% | 1.31% |
| 55445 | 1.20% | 1.26% | 1.29% | 1.31% | 1.35% |
| 55446 | 1.07% | 1.08% | 1.12% | 1.15% | 1.18% |
| 55447 | 1.05% | 1.08% | 1.09% | 1.12% | 1.16% |
| 55454 | 1.04% | 1.16% | 1.25% | 1.32% | 1.32% |
| 55450 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Minneapolis, Hennepin 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 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 Minneapolis. For example, the median home price in Minneapolis is $325,900, with tax bills ranging significantly across the county. Zip code 55424 has the highest median home price at $835,900.
Property Tax Assessment Values Across Minneapolis, Hennepin County, Minnesota
Source: Ownwell
$185,500
$510,700
$835,900
Median Minneapolis Market Value
$325,900
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 Minneapolis, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55401 | $148,900 | $230,375 | $315,000 | $469,000 | $713,550 |
| 55402 | $211,300 | $336,500 | $489,000 | $590,000 | $669,800 |
| 55403 | $127,500 | $164,000 | $264,000 | $495,000 | $994,000 |
| 55404 | $112,000 | $176,000 | $244,000 | $328,000 | $452,000 |
| 55405 | $200,000 | $296,000 | $427,500 | $649,000 | $987,000 |
| 55406 | $208,500 | $258,000 | $306,000 | $365,000 | $445,000 |
| 55407 | $169,000 | $234,000 | $289,000 | $340,000 | $391,000 |
| 55408 | $131,000 | $207,000 | $331,000 | $454,000 | $610,400 |
| 55409 | $190,000 | $252,000 | $346,000 | $440,000 | $532,000 |
| 55410 | $318,000 | $409,000 | $517,000 | $693,000 | $952,000 |
| 55411 | $136,000 | $169,000 | $210,000 | $251,000 | $296,900 |
| 55412 | $136,000 | $171,000 | $208,000 | $247,000 | $290,000 |
| 55413 | $201,000 | $272,000 | $343,000 | $418,000 | $496,000 |
| 55414 | $174,500 | $248,000 | $322,000 | $435,000 | $599,500 |
| 55415 | $129,000 | $267,000 | $402,000 | $566,000 | $758,000 |
| 55416 | $191,820 | $298,500 | $402,000 | $574,000 | $786,060 |
| 55417 | $223,000 | $278,000 | $342,000 | $420,000 | $494,000 |
| 55418 | $228,000 | $273,000 | $321,000 | $374,000 | $432,000 |
| 55419 | $288,000 | $357,000 | $443,000 | $580,000 | $744,500 |
| 55420 | $227,800 | $275,000 | $302,200 | $331,600 | $376,680 |
| 55421 | $203,600 | $232,000 | $259,000 | $328,000 | $371,200 |
| 55422 | $215,700 | $259,000 | $301,000 | $371,000 | $493,300 |
| 55423 | $246,000 | $277,000 | $305,000 | $342,000 | $387,000 |
| 55424 | $485,090 | $598,725 | $835,900 | $1,172,175 | $1,531,870 |
| 55425 | $169,300 | $267,200 | $307,950 | $346,375 | $391,200 |
| 55426 | $210,000 | $287,025 | $336,700 | $395,175 | $490,450 |
| 55427 | $243,000 | $289,000 | $327,000 | $375,000 | $441,000 |
| 55428 | $215,000 | $249,900 | $277,000 | $311,000 | $350,900 |
| 55429 | $207,000 | $242,000 | $261,000 | $282,450 | $310,000 |
| 55430 | $176,000 | $213,000 | $241,000 | $268,000 | $303,000 |
| 55431 | $281,690 | $311,700 | $345,700 | $390,700 | $447,510 |
| 55435 | $125,700 | $153,625 | $237,450 | $561,575 | $737,500 |
| 55436 | $181,000 | $401,800 | $567,800 | $825,000 | $1,213,800 |
| 55437 | $202,180 | $298,500 | $376,100 | $446,400 | $544,540 |
| 55438 | $179,790 | $238,900 | $400,050 | $509,925 | $645,820 |
| 55439 | $287,110 | $442,600 | $573,600 | $745,200 | $988,610 |
| 55441 | $220,000 | $324,000 | $400,000 | $497,000 | $624,000 |
| 55442 | $168,000 | $328,000 | $413,000 | $483,000 | $586,000 |
| 55443 | $241,200 | $277,700 | $344,200 | $431,450 | $498,260 |
| 55444 | $228,970 | $281,600 | $303,200 | $325,500 | $358,000 |
| 55445 | $174,640 | $272,800 | $322,100 | $403,700 | $537,120 |
| 55446 | $270,000 | $353,000 | $518,000 | $680,000 | $823,000 |
| 55447 | $239,000 | $324,000 | $424,000 | $540,000 | $665,000 |
| 55454 | $104,850 | $133,875 | $185,500 | $250,000 | $312,600 |
| 55450 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Minneapolis, Hennepin County, Minnesota
Median Minneapolis Tax Bill
$4,242
Median Hennepin County Tax Bill
$4,453
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Minneapolis, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55401 | $2,013 | $3,102 | $4,223 | $6,289 | $10,314 |
| 55402 | $2,873 | $4,602 | $6,680 | $8,689 | $10,507 |
| 55403 | $1,637 | $2,316 | $4,378 | $7,110 | $14,686 |
| 55404 | $1,474 | $2,290 | $3,290 | $4,751 | $6,553 |
| 55405 | $2,595 | $4,011 | $5,796 | $9,368 | $14,903 |
| 55406 | $2,620 | $3,331 | $4,013 | $4,930 | $6,199 |
| 55407 | $2,174 | $3,055 | $3,837 | $4,614 | $5,519 |
| 55408 | $1,630 | $2,655 | $4,546 | $6,534 | $9,106 |
| 55409 | $2,359 | $3,244 | $4,637 | $5,986 | $7,455 |
| 55410 | $4,180 | $5,440 | $6,941 | $9,819 | $13,877 |
| 55411 | $1,745 | $2,233 | $2,832 | $3,558 | $4,373 |
| 55412 | $1,678 | $2,163 | $2,690 | $3,308 | $4,075 |
| 55413 | $2,558 | $3,528 | $4,651 | $5,944 | $7,319 |
| 55414 | $2,107 | $3,223 | $4,394 | $6,092 | $8,726 |
| 55415 | $1,658 | $3,436 | $5,289 | $7,617 | $10,815 |
| 55416 | $2,728 | $3,962 | $5,417 | $7,907 | $11,320 |
| 55417 | $2,814 | $3,609 | $4,504 | $5,650 | $6,657 |
| 55418 | $2,946 | $3,618 | $4,381 | $5,388 | $6,601 |
| 55419 | $3,751 | $4,751 | $5,966 | $8,066 | $10,702 |
| 55420 | $2,492 | $3,145 | $3,503 | $3,936 | $4,596 |
| 55421 | $2,687 | $2,978 | $3,434 | $4,714 | $6,026 |
| 55422 | $2,803 | $3,487 | $4,171 | $5,289 | $7,051 |
| 55423 | $3,093 | $3,556 | $3,975 | $4,514 | $5,200 |
| 55424 | $5,973 | $7,814 | $11,304 | $16,085 | $21,290 |
| 55425 | $1,767 | $3,016 | $3,571 | $4,141 | $4,785 |
| 55426 | $2,785 | $3,763 | $4,475 | $5,392 | $6,815 |
| 55427 | $3,222 | $3,912 | $4,612 | $5,426 | $6,440 |
| 55428 | $2,780 | $3,288 | $3,778 | $4,344 | $5,021 |
| 55429 | $2,721 | $3,319 | $3,671 | $4,115 | $4,678 |
| 55430 | $2,278 | $2,782 | $3,288 | $3,879 | $4,524 |
| 55431 | $3,219 | $3,635 | $4,072 | $4,668 | $5,350 |
| 55435 | $1,176 | $1,593 | $2,458 | $6,980 | $9,532 |
| 55436 | $1,923 | $4,975 | $7,446 | $10,832 | $16,380 |
| 55437 | $2,179 | $3,393 | $4,391 | $5,256 | $6,582 |
| 55438 | $1,961 | $2,730 | $4,733 | $6,060 | $8,000 |
| 55439 | $3,396 | $5,395 | $7,220 | $9,752 | $13,205 |
| 55441 | $2,257 | $3,552 | $4,507 | $5,602 | $7,291 |
| 55442 | $1,699 | $3,597 | $4,645 | $5,445 | $6,786 |
| 55443 | $2,962 | $3,524 | $4,449 | $5,613 | $6,481 |
| 55444 | $2,631 | $3,398 | $3,728 | $4,050 | $4,573 |
| 55445 | $2,151 | $3,436 | $4,210 | $5,336 | $6,879 |
| 55446 | $2,851 | $3,847 | $5,737 | $7,845 | $9,671 |
| 55447 | $2,478 | $3,470 | $4,692 | $6,023 | $7,650 |
| 55454 | $1,213 | $1,652 | $2,362 | $3,388 | $4,787 |
| 55450 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
|---|
Links | |
|---|---|
| Hennepin Tax Assessor | |
| Website | www16.co.hennepin.mn.us |
