55074 Property Tax Rate

Property owners in ZIP code 55074 (Shafer, Minnesota) pay a median of $3,128/year in property taxes on homes valued at $283,700. This translates to an effective tax rate of 1.10%, which is 15% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55074 is approximately $261, which factors into escrow payments on mortgages. This ZIP code is located within Chisago County. This is $822 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55074 has lower property taxes. ZIP codes with similar effective rates include 55985 (1.10%) and 56136 (1.10%).

In Shafer, property taxes represent approximately 3.0% of the median household income of $104,545, 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 compared to rental or commercial property — establish this status with the Chisago County Assessor before or immediately after closing. The Homestead Credit, an income-based refund available to qualifying homeowners, offsets a portion of your annual property tax liability and is claimed on your Minnesota state income tax return. File your homestead designation with the Chisago County Assessor's office within 30 days of purchase to lock in the residential tax rate.