What is the property tax rate in Minneapolis?

The effective property tax rate in Minneapolis is roughly 1.12% of market value, blending city, Hennepin County, school district, and special levies. The exact rate varies year to year with local budgets and your assessed value.

What is the homestead exclusion?

Minnesota offers a homestead market value exclusion that reduces the taxable value of owner-occupied homes. The exclusion is largest on lower-value homes and phases out around 413,800 dollars, so primary residences pay tax on a slightly smaller base.

Is this the same as my escrow payment?

The monthly figure here is your annual property tax divided by 12, which is what a lender typically escrows for taxes. Your full mortgage escrow also includes homeowners insurance and possibly mortgage insurance, so the total escrow is higher.

Why might my actual bill differ?

Assessed value can differ from market value, levy rates change annually, and special assessments for local improvements add to some bills. Treat this as a planning estimate and confirm with your Hennepin County property tax statement.

Minneapolis Property Tax Estimator

Estimate your Minneapolis property tax fast

Minneapolis property taxes blend city, county, school, and special levies into an effective rate near 1.12% of market value. This estimator applies that rate, factors in the Minnesota homestead market value exclusion for owner-occupied homes, and shows both the annual bill and the monthly escrow equivalent.

How it works

The tool starts from your home value, then for a homestead it subtracts the Minnesota market value exclusion before applying the effective rate. The exclusion equals 40% of value up to 76,000 dollars, then phases out at 9% of value above that, reaching zero near 413,800 dollars.

exclusion = homestead
  ? clamp(40% * min(value, 76000) - 9% * max(value - 76000, 0), 0, 30400)
  : 0
taxableValue = value - exclusion
annualTax    = taxableValue * 0.0112
monthly      = annualTax / 12

The estimator also shows what the same property would owe without homestead status, so you can see the value of the exclusion.

Tips and example

A 350,000 dollar primary residence gets an exclusion of about 5,740 dollars, leaving a taxable base near 344,260 dollars and an annual tax around 3,856 dollars, or roughly 321 dollars a month in escrow. The same home as a non-homestead rental would be taxed on the full 350,000 dollars, about 3,920 dollars a year. Always verify with your county statement, since assessed values and levy rates shift annually.