Shorewood, Hennepin County, Minnesota Property Taxes
Median Shorewood, MN effective property tax rate: 1.13%, slightly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Shorewood, MN home value: $927,500
Median annual Shorewood, MN tax bill: $10,407, $8,007 higher than the national median property tax bill of $2,400.
How are property taxes in Hennepin County calculated?
Property taxes in Shorewood, 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 Shorewood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Shorewood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Shorewood, Hennepin County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.13%
Estimate Property Tax Bill
$10,481
$9,726
Property Tax Rates Across Shorewood, Hennepin County, Minnesota
Local government entities set tax rates, which can vary widely within a state. This variation arises because each county annually estimates its required budget to provide essential services and then divides that budget by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is the core of the annual process.
In Shorewood, located in Hennepin County, Minnesota, the effective property tax rate offers an insightful comparison with other cities in the state and the national median. While Minnesota's median property tax rate is 1.13%, slightly above the national median of 1.02%, Shorewood's rate illustrates how local factors influence tax assessments. Understanding these differences is crucial for property owners as they navigate potential appeals and exemptions. By comparing Shorewood’s rate with the broader state and national medians, property owners can gain a clearer perspective on their tax obligations and explore opportunities to optimize their property tax situation.
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 Shorewood Tax Rate
1.13%
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 Shorewood, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Shorewood, Hennepin County, Minnesota
When examining property taxes in Shorewood, 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.
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 Shorewood.
For example, the median home price in Shorewood is $927,500, with tax bills ranging significantly across the county. The 25th percentile tax bill is $5,277, while the 75th percentile tax bill is $15,536.
Property Tax Assessment Values Across Shorewood, Hennepin County, Minnesota
Source: Ownwell
$185,500
$510,700
$835,900
Median Shorewood Market Value
$927,500
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 Shorewood, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Shorewood, Hennepin County, Minnesota
In Shorewood, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price stands at $927,500, which significantly influences the tax bill. Homeowners in Shorewood experience a wide range of tax bills, with the 25th percentile at $5,277 and the 75th percentile reaching $15,536. The 90th percentile can see tax bills as high as $18,614, reflecting the impact of higher property values in the area. These figures are notably higher compared to the national median property tax bill of $2,400, highlighting the financial burden on Shorewood homeowners.
Ownwell offers a solution to alleviate this burden by providing property tax appeal and exemption services. By analyzing the assessed value and ensuring it aligns with the market value, Ownwell helps homeowners identify potential savings. This service can lead to significant reductions in property tax bills, offering relief to homeowners facing high tax obligations in Shorewood. Through expert guidance, Ownwell ensures homeowners pay only their fair share.
Median Shorewood Tax Bill
$10,407
Median Hennepin County Tax Bill
$4,453
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Shorewood, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell