55049 Property Tax Rate

Property owners in ZIP code 55049 (Medford, Minnesota) pay a median of $2,705/year in property taxes on homes valued at $233,100. This translates to an effective tax rate of 1.16%, which is 21% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55049 is approximately $225, which factors into escrow payments on mortgages. This ZIP code is located within Steele County. This is $399 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55049 has higher property taxes. ZIP codes with similar effective rates include 56054 (1.16%) and 55807 (1.16%).

In Medford, property taxes represent approximately 3.0% of the median household income of $90,700, 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 — Steele County's 1.16% effective rate makes securing this status essential when you purchase. The Homestead Credit, an income-based property tax refund for qualifying homeowners, is claimed on your Minnesota state return. File your homestead designation with the Steele County Assessor's office immediately after closing to lock in the residential tax rate.