55053 Property Tax Rate

Property owners in ZIP code 55053 (Nerstrand, Minnesota) pay a median of $2,584/year in property taxes on homes valued at $338,100. This translates to an effective tax rate of 0.76%, which is 20% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55053 is approximately $215, which factors into escrow payments on mortgages. This ZIP code is located within Rice County. This is $278 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55053 has lower property taxes. ZIP codes with similar effective rates include 56355 (0.76%) and 56158 (0.76%).

In Nerstrand, property taxes represent approximately 2.4% of the median household income of $107,188, 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; Rice County's 1.25% effective rate is among the state's highest, making this classification essential. The Homestead Credit provides an income-based tax refund for qualifying homeowners and is claimed on your Minnesota state return. Contact the Rice County Assessor immediately after purchase to file your homestead designation and review your assessed value to ensure accuracy.