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South Hennepin News

Friday, November 1, 2024

Effective property tax rate in Hennepin County outpaced the national average in Q4 2022

Re 4

Property owners in Hennepin County paid 1.2% of the value of their homes in property taxes in the fourth quarter of 2022, which is more than 1.1 times the national average, according to the real estate analysis posted by the South Hennepin News.

The median sales price of a Hennepin County home in the fourth quarter of 2022 was $350,000, based on data from the 3,092 properties sold during that time. In 2021 the median tax bill for the county was $4,220, which is 1.2% of the median value of the homes that were taxed.

This is 1.1 times higher than the average effective property tax rate of 1.11% in the U.S. in 2023.

The analysis of Hennepin County real estate data showed homeowners in Excelsior and Wayzata paid the highest rates.

The following table compares Excelsior with some other cities belonging to Hennepin County by their median effective property tax rate, calculated using sales and property tax data from the fourth quarter of 2022.

CityQ4 2022 SalesQ4 2022 Median PriceMedian tax 2022Effective tax rate
Excelsior6$367,500$8,1452.2%
Wayzata9$520,000$8,9711.7%
Deephaven8$548,000$8,5201.6%
Maple Plain4$270,000$4,2821.6%
Woodland3$680,000$10,9791.6%
St. Anthony11$400,000$6,4411.6%
Minneapolis994$300,000$4,4391.5%
Golden Valley54$405,000$5,5951.4%
New Hope46$313,500$4,4781.4%
Hopkins33$360,000$5,1221.4%
Crystal90$280,000$3,7471.3%
St. Louis Park113$368,000$4,6381.3%
Robbinsdale51$280,000$3,6421.3%
Richfield101$309,900$3,9361.3%
Brooklyn Center104$266,405$3,4031.3%
Greenwood1$950,000$12,3571.3%
Loretto2$320,000$4,2411.3%
Brooklyn Park212$315,000$3,8301.2%
Bloomington192$350,000$4,0901.2%
Plymouth181$425,000$4,9821.2%
Maple Grove190$365,500$4,3501.2%
Rogers28$410,500$4,9391.2%
Edina123$650,000$7,8311.2%
Independence10$487,000$6,0391.2%
Minnetonka129$452,000$5,3021.2%
Long Lake3$350,000$4,1491.2%
Osseo8$294,900$3,5701.2%
Minnetrista35$487,500$5,1671.1%
Corcoran17$479,000$5,1721.1%
Eden Prairie142$464,800$5,2131.1%
Champlin47$350,000$3,6921.1%
Shorewood26$680,000$6,5111%
Dayton17$487,500$4,7111%
Mound39$340,000$3,4221%
Medina20$707,500$7,0801%
Hanover2$612,400$5,3000.9%
Orono24$955,000$7,5370.8%
Medicine Lake2$1,514,000$11,3760.8%
Spring Park4$887,500$5,8290.7%
Greenfield7$899,000$5,4050.6%
Tonka Bay4$2,736,000$6,8440.3%

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