55340 Property Tax Rate
Hamel, Minnesota · Part of Hennepin County
Effective Tax Rate
1.10%
188.6% above state avgMedian Annual Tax
$6,655
$555/mo escrow
Estimate Your Tax
Annual Tax
$6,655
Monthly
$555
Eff. Rate
1.10%
Buyer decision brief
What ZIP 55340 means for your housing budget
Use this ZIP page to compare recurring tax burden before you compare listing prices. The numbers below are Census ZCTA estimates, so they are strongest for neighborhood comparison and weakest for parcel-specific tax planning.
Monthly escrow signal
$555/mo
Based on median annual tax paid
State context
0.14 percentage points above the Minnesota average
Minnesota average: 0.96%
Data confidence
High confidenceThe Census margin of error is $448, about 7% of the median tax estimate.
Verify before you offer
- Confirm parcel assessed value with Hennepin County assessor.
- Check homestead, senior, veteran, and disability exemptions.
- Ask whether purchase triggers reassessment or value-cap reset.
- Review school district and special assessment boundaries.
Lower-rate similar ZIPs
This is informational content, not tax, legal, or mortgage advice. Local assessor records remain the source of truth for a specific property.
Data confidence ledger
Can you trust ZIP 55340 for comparison?
ACS vintage
2019-2023 ACS 5-Year Estimates
Five-year Census ZCTA estimates.
ZCTA caveat
Census area, not parcel boundary
USPS ZIP routes and taxing districts can differ inside the same area.
Field completeness
3/3 required fields
Median tax, home value, and derived rate are present.
MOE status
Strong ACS confidence
$448 tax MOE, 7% of the median tax estimate.
Last site refresh
March 10, 2026
Dataset and page-quality audit run locally before publication.
County fallback
County context only
Hennepin County is used for assessor verification and broader context.
Tax bill anatomy
What can change your actual bill in ZIP 55340
Use the ZIP estimate to compare neighborhoods, then verify these parcel-level inputs before relying on a payment estimate.
Assessed value
The ZCTA median home value is $607,600, but your bill starts with the local assessed value for a specific parcel.
Effective rate
The displayed rate is 1.10%, derived from median tax paid divided by median home value.
Exemptions
Homestead, senior, veteran, disability, and local exemptions can reduce taxable value. Confirm eligibility before estimating escrow.
Reassessment
A purchase can change assessed value depending on Minnesota and county rules. Ask how sale price affects the next assessment cycle.
Escrow impact
The median tax paid in this ZCTA equals about $555 per month before insurance, HOA dues, or special assessments.
Assessor verification
Hennepin County assessor or tax collector records are the source of truth for parcel taxes, appeal windows, and exemptions.
How ZIP 55340 Compares
Median Annual Property Tax
ZIP 55340
1.10%
Effective rate
Minnesota Avg
0.96%
Effective rate
National Avg
1.10%
Effective rate
State Ranking
Property Tax Rank in Minnesota
Higher than 76% of ZIP codes in Minnesota(76th percentile, 849 ZIPs compared)
Property Tax Analysis
Property Tax Insights for ZIP 55340
Property owners in ZIP code 55340 (Hamel, Minnesota) pay a median of $6,655/year in property taxes on homes valued at $607,600. This translates to an effective tax rate of 1.10%, which is 14% above the Minnesota state average of 0.96%.
The monthly property tax burden for a median-valued home in 55340 is approximately $555, which factors into escrow payments on mortgages. This ZIP code is located within Hennepin County. This is $4,349 more than the Minnesota average of $2,306/year.
Compared to similar ZIP codes in Minnesota, 55340 has lower property taxes. ZIP codes with similar effective rates include 56058 (1.10%) and 55444 (1.10%).
In Hamel, property taxes represent approximately 3.8% of the median household income of $174,120, providing context for the relative tax burden on homeowners in this area.
If you're considering purchasing a home in 55340, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Hennepin County's tax assessor directly.
Frequently Asked Questions
What is the property tax rate in ZIP code 55340?
How much are property taxes in Hamel, MN (55340)?
How does ZIP 55340 compare to the Minnesota average?
What is the median home value in ZIP 55340?
What county is ZIP code 55340 in?
Margin of Error
The median property tax estimate for this ZIP code has a margin of error of ±$448. ZCTA-level data has wider margins than county-level estimates due to smaller sample sizes.
County-Level Data
ZIP code 55340 is part of Hennepin County, Minnesota. View the full county profile for broader context and more data.
View Hennepin County on TaxByCounty →Why compare these ZIPs?
Better comparison set for ZIP 55340
Each ZIP highlights a homebuyer tradeoff: lower rate, stronger value context, shared county rules, city boundary changes, or nearby missing data.
55384
Spring Park, MN
0.30 percentage points lower than ZIP 55340.
Rate
0.80%
Tax
$4,762
Quality
71
55356
Long Lake, MN
0.15 percentage points lower than ZIP 55340.
Rate
0.94%
Tax
$6,712
Quality
82
55447
Minneapolis, MN
0.09 percentage points lower than ZIP 55340.
Rate
1.00%
Tax
$4,558
Quality
94
55411
Minneapolis, MN
0.08 percentage points lower than ZIP 55340.
Rate
1.01%
Tax
$2,365
Quality
94
55331
Excelsior, MN
0.08 percentage points lower than ZIP 55340.
Rate
1.02%
Tax
$7,211
Quality
82
55441
Minneapolis, MN
0.06 percentage points lower than ZIP 55340.
Rate
1.04%
Tax
$4,807
Quality
94
55424
Minneapolis, MN
0.05 percentage points lower than ZIP 55340.
Rate
1.04%
Tax
$10,001
Quality
82
55364
Mound, MN
0.05 percentage points lower than ZIP 55340.
Rate
1.05%
Tax
$4,304
Quality
82
Data from U.S. Census Bureau, American Community Survey 2019-2023 5-Year Estimates (ZCTA level). ZIP Code Tabulation Areas (ZCTAs) are Census approximations of USPS ZIP codes.
Estimates are informational only and should not be used as financial or legal advice.