55983 Property Tax Rate

Property owners in ZIP code 55983 (Wanamingo, Minnesota) pay a median of $2,957/year in property taxes on homes valued at $277,500. This translates to an effective tax rate of 1.07%, which is 11% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55983 is approximately $246, which factors into escrow payments on mortgages. This ZIP code is located within Goodhue County. This is $651 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55983 has lower property taxes. ZIP codes with similar effective rates include 55347 (1.07%) and 56057 (1.06%).

In Wanamingo, property taxes represent approximately 3.5% of the median household income of $85,625, 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 compared to rental or commercial property — verify your homestead status with the Goodhue County Assessor immediately after purchase. The Homestead Credit, an income-based property tax refund program, may reduce your annual tax liability further if you qualify; apply through the Minnesota Department of Revenue when filing your state income tax. Contact the Goodhue County Assessor's office to confirm your homestead classification is filed and to learn the specific assessed value assigned to your property.