One of the most difficult aspects of selling a property is determining the correct price and when to sell – advertise your home for too much, and no one will buy. If you list for too little, you’ll miss out on thousands of dollars. You’ll need to know the ideal time to sell as well as the fair and competitive price that will ensure your house sells quickly.
The St. Louis County real estate tax, unlike other taxes that are confined to individuals, is imposed directly upon your property. Non-payment of property taxes can result in a property tax lien, which stays attached to your property’s title and is the current owner’s responsibility.
This article will teach you all you need to know about St Louis Park MN property tax rates and if it’s worth selling your home right now.
Read on.
Property Tax Rate in St Louis Park MN
For a home valued at $140,400, the average real estate tax in St. Louis County, MN is $1,102 per year. St. Louis County takes 0.78% of a real property’s fair market assessed value in property tax on average.
According to the average amount of property tax revenue, Minnesota ranks 1,326th out of 3,143 jurisdictions in the U.S. The average yearly real estate tax in St. Louis County is around 1.95% of their annual income. In terms of real property taxes as a proportion of average income, St. Louis County ranks 1,475th out of 3,143 counties.
Since St. Louis County utilizes a sophisticated formula to compute the real estate tax owing on every specific property, it is not feasible to reduce it into a basic tax rate, as with an income or a sales tax.
We instead present property local tax data relying on the statistical median of all properties in St. Louis County subject to tax. The average property tax figure is dependent on the average property value in St. Louis County, which is $140,400. These figures can be used as a valid baseline for comparing St. Louis County’s property taxes to those in other localities.
The proceeds of the St. Louis County Personal Property Tax funds are used to finance infrastructure, economic developments, healthcare, public transportation, school districts, as well as other local government initiatives throughout the county. Property tax revenue is usually spent on local services and projects rather than going to the state or federal budgets.
A homestead relief may be available for properties designated as the taxpayer’s principal residence. The St. Louis County Homestead Exemption can lower a primary residence’s appraised valuation before calculating the real estate tax payable, leading to a reduced yearly real estate tax rate for user residences.
Acquiring a Homestead Tax break could also protect your house from repossession in the event of a real estate tax levy owing to lack of payment of St. Louis County real property taxes or other kinds of debt.
To enjoy the tax savings and other benefits offered extensively in various counties, you should expressly file a homestead benefit application to your tax county assessor. To receive a copy of the St. Louis County Homestead Relief Application, contact the Assessor’s Office to inquire about the homestead relief program. You may also inquire about possible exemptions for low-income households, the elderly, those with disabilities, veterans, or properties used for specific purposes like agriculture or open areas.
Property tax exemptions in MN are becoming increasingly prevalent, and there are more options to assist. So, to avoid financial hardship, find out if you qualify for an exemption soonest. Are you preparing to sell your Minnesota home? As a taxpayer, it’s critical to understand MN property tax laws.
Tax Rate in Hennepin County MN
In Hennepin County, MN, the average real property tax is $2,831 per year for a home valued at $247,900. Hennepin County takes 1.14% of a real property’s assessed fair market value as property tax on average.
Hennepin County is among the highest average annual property taxes in the US, ranking 191st out of 3,143 jurisdictions in terms of median property taxes.
Hennepin County residents pay around 3.45% of their yearly income in property taxes. In terms of real estate taxes as a proportion of average income, Hennepin County ranks 395th out of 3,143 counties.
Since Hennepin County utilizes a sophisticated method to compute the real estate tax owing on every specific property, it is not feasible to reduce it into a basic tax rate, as with sales or an income tax.
We present Hennepin County real estate tax figures based on the numerical median of all residences subject to tax. The typical property tax figure is dependent on the average property value in Hennepin County, which is $247,900. These figures can be used as a credible standard for comparison of Hennepin County’s real property taxes to those in other places.
This data aims to help you compare real estate taxes in Hennepin County by average property tax dollars, standard real estate tax as a proportion of median house value, and average real estate tax as a proportion of Hennepin County’s average household income.
There are various sources and data sheets available from the Minnesota Department of Revenue and Hennepin County to help you better comprehend the total tax burden across counties, property taxes, and how house values are determined.
Property Tax Comparison for Cities in Hennepin County Minnesota
Hennepin County’s estimated average effective real estate tax rate of 1.28% is greater than Minnesota’s state average effective rate of 1.08%. Hennepin County has a median house value of $260,300 and a typical yearly property tax payment of $3,336. Similarly, these figures are greater than Minnesota’s general median house value and average property tax paid, which are $246,700 and $2,670, respectively.
As a Minnesota property owner, the real estate property tax bills you pay make for nearly one-third of your state and local government’s budget. Hennepin County’s tax districts utilize your property tax funds to pay a variety of services. Your contributions to the county government help support correctional services, libraries, and roads. Your property tax amount contributions to the local government support the fire and police departments.
Each parcel of land in Hennepin County is subject to more than one property tax district. The school district, watershed, city, county, and other governmental organizations all have their own tax districts.
The tax you remit to the school district goes toward funding public education. There are other special districts in Hennepin County that are taxing authorities for regional transportation, parks, public housing, and museums.
The table below compares property taxes for cities in Hennepin County:
| City | Median Home Value | Median Annual Property Tax Payment | Average Effective Property Tax Rate |
| Bloomington | $240,100 | $2,842 | 1.18% |
| Brooklyn Center | $161,300 | $2,350 | 1.46% |
| Brooklyn Park | $208,800 | $2,801 | 1.34% |
| Champlin | $227,100 | $2,626 | 1.16% |
| Dayton | $277,400 | $3,351 | 1.21% |
| Deephaven | $551,000 | $6,227 | 1.13% |
| Eden Prairie | $351,400 | $4,006 | 1.14% |
| Edina | $459,200 | $5,442 | 1.19% |
| Excelsior | $553,900 | $5,788 | 1.04% |
| Golden Valley | $288,700 | $3,991 | 1.38% |
| Greenwood | $878,800 | $10,000+ | 1.14% (approx.) |
| Hanover | $288,200 | $3,356 | 1.16% |
| Hopkins | $223,300 | $3,147 | 1.41% |
| Independence | $475,000 | $6,100 | 1.28% |
| Long Lake | $277,300 | $3,370 | 1.22% |
| Loretto | $245,300 | $2,826 | 1.15% |
| Maple Grove | $280,700 | $3,588 | 1.28% |
| Minneapolis | $235,900 | $3,142 | 1.33% |
| Minnetonka | $330,900 | $3,827 | 1.16% |
| Minnetonka Beach | $1,125,000 | $10,000+ | 0.89% (approx.) |
| New Hope | $213,900 | $2,885 | 1.35% |
| Orono | $649,000 | $6,501 | 1.00% |
| Osseo | $181,800 | $2,223 | 1.22% |
| Plymouth | $340,700 | $3,974 | 1.17% |
| Richfield | $211,700 | $2,660 | 1.26% |
| Shorewood | $460,800 | $5,787 | 1.26% |
| St. Louis Park | $255,200 | $3,245 | 1.27% |
| Tonka Bay | $646,800 | $7,018 | 1.09% |
| Wayzata | $518,900 | $6,345 | 1.22% |
| Woodland | $831,300 | $8,355 | 1.01% |
Should You Sell Your House in St Louis Park MN?
In Minnesota, it takes an average of 76 days to sell a property – 41 days to obtain an offer and another 35 days to close. This is around 2.6% quicker than that of the national average. Remember that these are annual averages and that the figures will vary by month or season.
Source: Realtor.com
June is the greatest month in Minnesota to sell a property quickly. The typical time it takes to sell houses in Minnesota in June is 32 days, and this is nine days quicker than the yearly average.
Source: Realtor.com
In terms of the sale price, March is the greatest month to sell a property in Minnesota. In March, the typical sale price is $368,785, which is 12.5% — or $41,007 — higher than the yearly average.
Source: Realtor.com
Endnote
Property taxes in Hennepin County, MN are rather high. In reality, the estimated average effective property tax rate in Hennepin County is 1.28%, which is much higher than the national average of 1.07%.
The length of time required to sell varies depending on the season. If you market your property in June in Minnesota, it will sell quickly, though you still need to determine the ideal time to sell in your area.
At Mill City Home Buyers, we are cash home buyers in Minnesota. Additionally, we buy houses in Minneapolis in any condition, with no fees or charges and no commitment. Feel free to give us a call today.