Ely, Minnesota Property Taxes
The median property tax rate in Ely, MN is 0.58%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Ely at $342,600, the typical annual property tax bill amounts to $1,916, which is below the national median of $2,690. Property taxes in Ely are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. 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 elsewhere in Lake 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
0.58%
Estimate Property Tax Bill
$1,987
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, are instrumental in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ely is 0.58%, which is lower than both the Minnesota state median and 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. The data below compares Ely's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55731 zip code has both the highest and lowest median property tax rate in the region, at 0.58%. Understanding how these areas compare with Ely provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ely Tax Rate
0.58%
Average Lake County Tax Rate
0.59%
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 | 0.37% | 0.49% | 0.58% | 0.66% | 0.74% |
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 Lake County Appraisal District 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. Assessment notices in Ely 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 median home price in Ely is $342,600, with tax bills ranging from $1,035 at the 25th percentile to $4,348 at the 90th percentile. The highest and lowest median tax bills are both $1,916, located in the 55731 zip code.
Average Ely Assessed Value
$342,600
Average Lake County Assessed Value
$222,300
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 | $87,900 | $191,150 | $342,600 | $533,850 | $783,100 |
Source: Ownwell
Property Tax Bills Across Ely, Minnesota
In Ely, located in Lake County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Ely pay a median property tax rate that aligns with the county's standards. Several factors influence the final tax bill, including the assessed value of the home, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Ely is $342,600, and the property tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,035, while those at the 75th percentile could see bills as high as $3,022. The top 10% of property tax bills can reach up to $4,348. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Understanding these factors helps homeowners in Ely anticipate their annual property tax expenses and plan their finances accordingly.
Average Ely Tax Bill
$1,916
Average Lake County Tax Bill
$1,364
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 | $419 | $1,035 | $1,916 | $3,022 | $4,348 |
Source: Ownwell