55421 Property Tax Rate

Property owners in ZIP code 55421 (Minneapolis, Minnesota) pay a median of $2,737/year in property taxes on homes valued at $260,500. This translates to an effective tax rate of 1.05%, which is 10% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55421 is approximately $228, which factors into escrow payments on mortgages. This ZIP code is located within Anoka County. This is $431 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55421 has higher property taxes. ZIP codes with similar effective rates include 55318 (1.05%) and 56310 (1.05%).

In Minneapolis, property taxes represent approximately 3.6% of the median household income of $75,141, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification provides significant tax savings by taxing your primary residence at a lower rate than non-homestead property, with no reassessment cap for existing owners. Anoka County Assessor will apply homestead classification automatically if you claim the property as your primary residence on your property tax statement—verify this within 60 days of closing to lock in the lower homestead rate and avoid overpaying taxes. Contact the Anoka County Assessor's office to request a homestead classification confirmation and ensure your property record reflects primary residence status.