55007 Property Tax Rate

Property owners in ZIP code 55007 (Brook Park, Minnesota) pay a median of $2,117/year in property taxes on homes valued at $223,500. This translates to an effective tax rate of 0.95%, which is near the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55007 is approximately $176, which factors into escrow payments on mortgages. This ZIP code is located within Kanabec County.

Compared to similar ZIP codes in Minnesota, 55007 has higher property taxes. ZIP codes with similar effective rates include 55790 (0.95%) and 56552 (0.95%).

In Brook Park, property taxes represent approximately 3.2% of the median household income of $66,875, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification system reduces your tax burden by applying a lower assessment class rate to primary residences compared to investment or commercial property. File a homestead claim with the Kanabec County Assessor by the current year's deadline to ensure your primary residence receives the homestead classification and corresponding rate reduction. Request a written confirmation from the Kanabec County Assessor that your property is coded as homestead-primary to verify the lower assessment class is in effect.