I'm looking to buy a house in the Maple Grove, Plymouth, Brooklyn Park area, all of which fall under the Hennepin county. I was wondering what's the current property tax rate in Hennepin county?
I talked to my lender and he mentioned Hennepin county has recently increased the tax rate, and he gave me quote at about 2% of the property price. Is that the correct rate?
I've been researching online but I don't seem to get a conclusive answer.
Investor · Minneapolis, MN · Member since 2019 · 129 posts · 210 votes
5y
I'm not sure there is a conclusive answer because I don't think there is a flat rate for the whole county, but hennepin county has a website where you can look up any property's tax info for 2020 and what is coming for 2021. Here's the link. For what it's worth I have a duplex in south Mpls that is 1.62%, but that's based on assessed value which can vary wildly from purchase price.
More often that not, the property tax is included is the listing info and is correct so just throw that in your spreadsheet. If you're thinking about putting an offer in I'd recommend double checking on the website to ensure there isn't a massive tax hike coming in the next year.
Rental Property Investor · Minneapolis, MN · Member since 2016 · 60 posts · 30 votes
5y
I’d echo what Evan said- it doesn’t really matter if there is a flat tax rate for the county or what it is. I mean, it matters, but it doesn’t tell the entire story. You’re also taxed by the city, by the school district, and any other special taxing districts, which are likely in the metro. The tax rate also depend on the type of building and its use (commercial, homestead 1 unit, non-homestead 1-unit, homestead 2-4 unit, etc.).
The easy way is using past tax amounts and proposed amount for the next year.