55731 Property Tax Rate

Property owners in ZIP code 55731 (Ely, Minnesota) pay a median of $2,090/year in property taxes on homes valued at $202,900. This translates to an effective tax rate of 1.03%, which is 8% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55731 is approximately $174, which factors into escrow payments on mortgages. This ZIP code is located within Lake County. This is $216 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55731 has higher property taxes. ZIP codes with similar effective rates include 56232 (1.03%) and 56033 (1.03%).

In Ely, property taxes represent approximately 3.3% of the median household income of $62,900, 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 — Lake County has the state's lowest effective rate at 0.81%, but you must still file homestead status with the assessor to secure the residential tax rate. The Homestead Credit, an income-based refund program for qualifying homeowners, is claimed on your Minnesota state income tax return. Contact the Lake County Assessor within 30 days of purchase to register your homestead status and verify your assessed value.