ZIP Code 55305

In ZIP code 55305, near Minneapolis, homes carry a median value of $451,800, and the county-level effective property tax rate of 1.14% translates into a yearly bill of roughly $5,150. Households here earn a median of $104,914, so that tax equals about 4.9% of annual income—a share that weighs more heavily on owners than the sales tax rate of 8.53% does on daily purchases. Per-capita income of $68,939 further underscores the area's earning power, which helps absorb the housing cost. Even so, the combination of high home values and a 1.14% levy keeps property taxes a significant line item.