55381 Property Tax Rate

Property owners in ZIP code 55381 (Silver Lake, Minnesota) pay a median of $2,579/year in property taxes on homes valued at $233,400. 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 55381 is approximately $215, which factors into escrow payments on mortgages. This ZIP code is located within McLeod County. This is $273 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55381 has higher property taxes. ZIP codes with similar effective rates include 55327 (1.10%) and 56068 (1.11%).

In Silver Lake, property taxes represent approximately 3.0% of the median household income of $87,011, 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 — McLeod County's 1.19% effective rate underscores the importance of establishing homestead status quickly. The Homestead Credit, an income-based refund program for qualifying households, is claimed on your Minnesota state income tax return and may offset a meaningful portion of your annual tax. File your homestead application with the McLeod County Assessor's office immediately after closing.