Minnetonka’s real estate market saw some change this past year. The median Minnetonka home value increased to $521,300.
Average 2025 property value change by type*
- Single-family homes – 3.3 percent increase
- Townhouses – 2 percent increase
- Condominiums – 0.7 percent decrease
- Apartments – 2.4 percent decrease
- Industrial – 0.9 percent increase
- Commercial – 0.2 percent increase
* As submitted to Hennepin County. Individual properties may vary greatly, and adjustments vary by market.
How is market value determined?
The city’s assessing division adjusts the market value based on actual real estate sales of comparable properties from the past year. Assessors physically inspect at least 20 percent of all properties each year. Market value adjustments are also made for building additions, remodeling and other improvements.
What if I don’t agree with my property’s market value?
Contact the assessing team at 952-939-8220. The staff will review property records and sales information with you. The appraiser may or may not change to your market value. If not, you have the right to appeal by March 28, 2025. Visit minnetonkamn.gov/market-value to learn more. Call 952-939-8220 to ask questions.
Do I qualify for a property tax refund?
The state offers regular and special property tax refund programs to assist homeowners.
- Regular property tax refund available to homeowners whose 2024 household income was less than $139,320.
- Special property tax refund available to homeowners whose property tax increased by more than 12 percent from 2024 to 2025. Additional requirements may apply.
Visit revenue.state.mn.us/property-tax-refund to learn more about these programs, as well as a senior citizens property tax deferral and foreclosure preventing counseling.
Tax notices arrive this month
The city accounts for less than one-third of a homeowner’s total property tax bill. The rest includes taxes for your school district, county and other jurisdictions.
Watch your mailbox for two notices:
- Market valuation notice from the city, which affects taxes paid in 2026.
- Property tax bill for 2025 from Hennepin County, which must be paid this year.
