Richfield, Hennepin County, Minnesota Property Taxes - Ownwell
Richfield, Hennepin County, Minnesota Property Taxes
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Property Taxes in Richfield, Minnesota
- Median Richfield, Minnesota effective property tax rate: 1.36%, significantly higher than the national median of 1.02%, and higher than the Minnesota state median of 1.13%.
- Median Richfield, Minnesota home value: $306,550
- Median annual Richfield, Minnesota tax bill: $4,194, $1,794 higher than the national median property tax bill of $2,400.
How are property taxes in Hennepin calculated?
Property taxes in Richfield, Minnesota are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Richfield's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Richfield, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Richfield, Hennepin County, Minnesota Property Tax Bill Calculator
Property Assessed Value
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.36%
Estimate Property Tax Bill
$4,169
$3,869
How Does the Richfield Property Tax Calculator Work?
Use this Richfield property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Richfield's median effective tax rate of 1.36% — based on actual property records in Hennepin County — to generate your estimate.
Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Richfield's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Richfield: rates range from 4,194 in 55423 to 4,194 in 55423, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Richfield.
About Richfield Property Taxes
About Property Taxes in Richfield, Hennepin, Minnesota
Richfield's median effective property tax rate of 1.36% is higher than the Minnesota state median of 1.13% and higher than the national median of 1.02%. This rate reflects the Hennepin County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Richfield. Homeowners in the 55423 ZIP code carry a median effective rate of 1.36%, while those in 55423 pay 1.36%. This spread — 0 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Hennepin County. Understanding which part of Richfield you live in can make a meaningful difference to your annual tax bill.
Richfield homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the April 30, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Richfield, Hennepin County, Minnesota
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Richfield's effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.
Property Tax Rates Across Richfield, Hennepin County, Minnesota
| Metric | Rate |
|---|---|
| Median Effective Richfield Tax Rate | 1.36% |
| Median Effective Hennepin County Tax Rate | 1.26% |
| Median Effective Minnesota Tax Rate | 1.13% |
| Median Effective United States Tax Rate | 1.02% |
Property Tax Rates Across Richfield, Hennepin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55423 | 1.33% | 1.34% | 1.36% | 1.38% | 1.40% |
Property Tax Assessment Values Across Richfield, Hennepin County, Minnesota
When examining property taxes in Richfield, Minnesota, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hennepin County appraisal district estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Hennepin County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Richfield.
For example, the median home price in Richfield is $306,550, with tax bills ranging significantly across the county. 55423 has the highest median home price at $306,550.
Property Tax Assessment Values Across Richfield, Hennepin County, Minnesota
| Metric | Value |
|---|---|
| Median Richfield Market Value | $306,550 |
| Median Hennepin County Market Value | $355,200 |
| Median Minnesota Market Value | $304,400 |
| Median United States Market Value | $235,294 |
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55423 | $259,420 | $278,175 | $306,550 | $338,225 | $374,080 |
Property Tax Bills Across Richfield, Hennepin County, Minnesota
Property tax bills in Richfield are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value of the property. The assessed value is one of the biggest factors in determining what a homeowner owes, and it can change as home values rise or fall. For a median home price of $306,550, property taxes can be a significant part of annual housing costs.
In Hennepin County, the median property tax bill in Richfield is $4,194.00, which is above the national median property tax bill of $2,400 and the national median property tax rate of 1.02%. Bills vary across homeowners, with the 25th percentile at $3,780, the 75th percentile at $4,683, and the 90th percentile at $5,288. That means two homes with similar prices may still have different tax bills depending on assessments and local tax rates. For homeowners, this can affect monthly budgeting and long-term housing affordability.
Property Tax Bills Across Richfield, Hennepin County, Minnesota
| Metric | Value |
|---|---|
| Median Richfield Tax Bill | $4,194 |
| Median Hennepin County Tax Bill | $4,551 |
| Median Minnesota Tax Bill | $3,364 |
| Median United States Tax Bill | $2,400 |
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55423 | $3,462 | $3,780 | $4,194 | $4,683 | $5,288 |
Don't miss the deadline to appeal!
| Dates | |
|---|---|
| Appeal Deadline | April 30 |
Frequently Asked Property Tax Questions in Richfield, Minnesota
How are property taxes calculated in Richfield, Minnesota?
Property taxes in Richfield, Minnesota are calculated by multiplying your property's assessed value by the applicable tax rate set by local taxing authorities. The assessed value is determined by the county assessor and may differ from your property's market value depending on local assessment ratios and exemptions.How do I appeal my property taxes in Richfield, Minnesota?
To appeal your property taxes in Richfield, Minnesota, you typically need to file a formal protest or appeal with your local appraisal district or assessor's office by the stated deadline. You'll need evidence such as comparable sales, a recent independent appraisal, or documentation of property condition issues. Ownwell can handle this entire process for you.What property tax exemptions are available in Richfield, Minnesota?
Common property tax exemptions in Richfield, Minnesota include homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. Exemption amounts and eligibility requirements vary by county. Contact your local appraisal district or check Ownwell for details specific to your property.When are property taxes due in Richfield, Minnesota?
Property tax deadlines in Richfield, Minnesota vary by county but typically include an assessment notice period in spring or early summer, followed by an appeal deadline, and a tax payment due date in the fall or winter. Check with your county assessor's office for specific dates in your area.How can Ownwell help reduce my property taxes in Richfield, Minnesota?
Ownwell provides professional property tax appeal services in Richfield, Minnesota. Our team analyzes your assessment, gathers evidence, files all paperwork, and represents you at hearings — all with no upfront cost. You only pay a percentage of your savings if we successfully lower your tax bill.