55416 Property Tax Rate

Property owners in ZIP code 55416 (Minneapolis, Minnesota) pay a median of $5,242/year in property taxes on homes valued at $457,300. This translates to an effective tax rate of 1.15%, which is 20% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55416 is approximately $437, which factors into escrow payments on mortgages. This ZIP code is located within Hennepin County. This is $2,936 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55416 has higher property taxes. ZIP codes with similar effective rates include 55943 (1.15%) and 55055 (1.15%).

In Minneapolis, property taxes represent approximately 4.9% of the median household income of $105,926, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification reduces your taxable market value and applies a lower tax class rate to primary residences — file this designation with the Hennepin County Assessor immediately to avoid paying the higher non-homestead rate on your property. The Homestead Credit, an income-based property tax refund for qualifying households, is claimed on your Minnesota state income tax return. Contact the Hennepin County Assessor within 30 days of purchase to confirm your homestead status is recorded and to review your assessed value.