Plymouth, Hennepin County, Minnesota Property Taxes

Local government entities set tax rates, which can vary widely within a state. This is because 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.

Plymouth, located in Hennepin County, Minnesota, offers a unique perspective on property taxes. The effective property tax rate in Plymouth is a key point of comparison to other cities within Minnesota. By understanding these differences, property owners can better navigate the financial landscape.

Minnesota's median property tax rate stands at 1.13%, which is slightly above the national median of 1.02%. However, the median property tax bill in Minnesota is notably higher than the national median of $2,400. Comparing Plymouth's rate to these benchmarks provides valuable insights for homeowners and potential buyers. This information empowers residents and investors to make informed decisions regarding property investments in Plymouth and beyond.

In Plymouth, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as location, property size, and improvements can influence the assessed value, ultimately impacting the homeowner's tax bill. The tax bill for the 75th percentile in Plymouth is $3,967, which is significantly higher than the national median property tax bill of $2,400. For those in the 90th percentile, the tax bill can reach up to $7,500, showcasing the potential financial burden on homeowners.

Ownwell can assist homeowners in Plymouth by providing expert property tax appeal services. By analyzing property assessments and identifying potential discrepancies, Ownwell can help homeowners challenge overvaluations, potentially leading to significant reductions in their tax bills. This service not only alleviates financial pressure but also ensures homeowners are paying a fair amount based on accurate property assessments.