55932 Property Tax Rate

Property owners in ZIP code 55932 (Elgin, Minnesota) pay a median of $2,693/year in property taxes on homes valued at $288,600. This translates to an effective tax rate of 0.93%, which is near the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55932 is approximately $224, which factors into escrow payments on mortgages. This ZIP code is located within Olmsted County. This is $387 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55932 has higher property taxes. ZIP codes with similar effective rates include 55018 (0.93%) and 56024 (0.93%).

In Elgin, property taxes represent approximately 2.6% of the median household income of $102,727, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification system taxes primary residences at a lower class rate than rental or commercial property, providing immediate tax savings upon purchase. File your homestead exemption application with the Olmsted County Assessor immediately after closing to lock in the reduced assessment ratio for school and local taxes. Contact the Olmsted County Assessor's office to verify your property has been classified as homestead-eligible and confirm your tax year filing deadline.