55397 Property Tax Rate

Property owners in ZIP code 55397 (Young America, Minnesota) pay a median of $3,230/year in property taxes on homes valued at $334,500. This translates to an effective tax rate of 0.97%, which is near the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55397 is approximately $269, which factors into escrow payments on mortgages. This ZIP code is located within Carver County. This is $924 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55397 has lower property taxes. ZIP codes with similar effective rates include 56110 (0.97%) and 56352 (0.96%).

In Young America, property taxes represent approximately 4.2% of the median household income of $77,227, 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 — register this status with the Carver County Assessor immediately upon purchase to avoid the higher non-homestead rate. The Homestead Credit, an income-based property tax refund for qualifying homeowners, is claimed on your Minnesota state income tax return. Contact the Carver County Assessor within 30 days of closing to file your homestead designation and verify your assessed value.