Hennepin County, MN Property Tax Search
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In-depth Hennepin County, MN Property Tax Information
Get in-depth information on all of the factors that affect your targeted property's taxes with a free account. Access a rundown of its value, tax rates and tax exemptions, like in the sample below.
Property Tax Calculation
In State of Minnesota counties or cities are responsible for property tax administration and the Department of Revenue only provides assistance and oversight. The process of calculating, imposing, and collecting Minnesota property taxes for a year actually spans two full calendar years. The two-year cycle begins with the January 2 statutory assessment date and extends all the way through the next calendar year until the property taxes have been paid.
Market value is defined as the price that could be obtained at a private sale or an auction sale, if the assessor determines the price from an auction sale represents an arms-length transaction. In other words, market value represent the price that would prevail under competitive, open market conditions. This is the estimated market value for this property.
| Land value | $294,400 | ||||||
| Building value | + | $485,600 | |||||
| Market value | = | $780,000 | |||||
Assessed Value
Each property's share of taxes is determined according to its value, use, and the property tax levies. Assessors are responsible for estimating property values and setting classification for tax purposes. Assessment ratio is currently set to 100% throughout Hennepin County.
| Assessed values | = | $780,000 | |||||
Taxable Value & Exemptions
Taxable value represents the assessed value less any tax exemptions that apply. Hennepin County provides several tax relief programs that may lower the property's tax bill.
This property does not benefit of any exemption, so the taxable values will be equal to the assessed values.
Property tax is calculated by multiplying the tax capacity value and the assessed value with the corresponding tax rates. Tax capacity represents the taxable value multiplied by the appropriate class rate.
Base tax is an estimate of what an owner not benefiting from tax exemptions or deductions would pay.
| Tax description | Assessed value | Class rate | Net taxable | Capacity rate | Tax amount | ||||
|---|---|---|---|---|---|---|---|---|---|
| Tax capacity ( < 500000 ) | $500,000 | x | 1.0000% | = | $5,000 | x | 118.5660% | = | $5,928 |
| Tax capacity ( > 500000 ) | $280,000 | x | 1.2500% | = | $3,500 | x | 118.5660% | = | $4,150 |
| Base net on capacity value | = | $10,078 |
| Tax description | Assessed value | Market rate | Tax amount | ||
|---|---|---|---|---|---|
| Base net on taxable value | $780,000 | x | 0.1535% | = | $1,197 |
| Base net on capacity value | $10,078 | ||||
| Base net on taxable value | + | $1,197 | |||
| Base tax | = | $11,275 |
Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs or to special assessments. For more information please visit City of Minneapolis Official website webpage or lookup this property's current valuation and tax situation.
Hennepin County Stats for Property Taxes
For an easier overview of the difference in tax rates between counties, explore the charts below. You can also get additional insights on median home values, income levels and homeownership rates in your area.
Effective tax rate (%)
0.0127% of Asessed Home Value
0.0112% of Asessed Home Value
0.0114% of Asessed Home Value
Median real estate taxes paid
$3,505
$2,500
$2,471
Median home value
$276,900
$223,900
$217,500
Median income
$78,167
$71,306
$62,843
Owner occupied housing (%)
0.6237%
0.7160%
0.6399%
Renter occupied housing (%)
0.3763%
0.2840%
0.3601%
Frequently Asked Questions on Property Taxes
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