55350 Property Tax Rate

Property owners in ZIP code 55350 (Hutchinson, Minnesota) pay a median of $2,795/year in property taxes on homes valued at $238,600. This translates to an effective tax rate of 1.17%, which is 22% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55350 is approximately $233, which factors into escrow payments on mortgages. This ZIP code is located within McLeod County. This is $489 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55350 has higher property taxes. ZIP codes with similar effective rates include 55345 (1.17%) and 56097 (1.17%).

In Hutchinson, property taxes represent approximately 3.6% of the median household income of $78,663, 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 — McLeod County's 1.19% effective rate underscores the importance of establishing homestead status quickly. The Homestead Credit, an income-based refund program for qualifying households, is claimed on your Minnesota state income tax return and may offset a meaningful portion of your annual tax. File your homestead application with the McLeod County Assessor's office immediately after closing.