55354 Property Tax Rate

Property owners in ZIP code 55354 (Lester Prairie, Minnesota) pay a median of $3,215/year in property taxes on homes valued at $243,600. This translates to an effective tax rate of 1.32%, which is 38% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55354 is approximately $268, which factors into escrow payments on mortgages. This ZIP code is located within McLeod County. This is $909 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55354 has lower property taxes. ZIP codes with similar effective rates include 56181 (1.32%) and 56010 (1.31%).

In Lester Prairie, property taxes represent approximately 3.4% of the median household income of $94,950, 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.