Ely, Minnesota Property Taxes
The median property tax rate in Ely, MN is 1.05%, slightly higher than the national median of 0.99% but lower than Minnesota's state median of 1.11%. With a median home value of $129,900, the typical annual property tax bill in Ely amounts to $1,612, which is below the national median of $2,690. Property taxes in Ely are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ely's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ely or another part of St. Louis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ely, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,364
Ownwell’s Ely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ely to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ely, Minnesota
Property taxes in Ely, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ely is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Ely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ely estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Understanding how Ely's effective property tax rate compares to other areas can provide valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ely Tax Rate
1.05%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ely, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55731 | 0.86% | 0.97% | 1.05% | 1.27% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Ely, Minnesota
In Ely, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the St. Louis County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Ely, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Ely helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55731, both at $1,612, highlighting a uniform tax landscape within the area.
Average Ely Assessed Value
$129,900
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ely, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55731 | $12,900 | $70,400 | $129,900 | $247,125 | $418,270 |
Source: Ownwell
Property Tax Bills Across Ely, Minnesota
In Ely, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. The median home price in Ely is $129,900, and with the national median property tax rate at 0.99%, homeowners can expect a tax bill around this rate. However, individual tax bills can vary significantly. For instance, the 25th percentile tax bill is $756, while the 75th percentile tax bill reaches $2,800. At the 90th percentile, homeowners might see tax bills as high as $4,546. These variations depend on multiple factors, including property value, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these elements is crucial, as property taxes can significantly impact annual expenses and overall financial planning.
Average Ely Tax Bill
$1,612
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ely, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55731 | $196 | $756 | $1,612 | $2,800 | $4,546 |
Source: Ownwell