55314 Property Tax Rate

Property owners in ZIP code 55314 (Buffalo Lake, Minnesota) pay a median of $2,078/year in property taxes on homes valued at $167,700. This translates to an effective tax rate of 1.24%, which is 30% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55314 is approximately $173, which factors into escrow payments on mortgages. This ZIP code is located within Renville County. This is $228 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55314 has higher property taxes. ZIP codes with similar effective rates include 55941 (1.24%) and 55071 (1.24%).

In Buffalo Lake, property taxes represent approximately 2.9% of the median household income of $72,656, 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 — file this designation with the Renville County Assessor to lock in the lower residential tax rate. The Homestead Credit, an income-based refund available to qualifying homeowners, is claimed on your Minnesota state income tax return. Contact the Renville County Assessor within 30 days of purchase to register your homestead status and review your assessed value.