56054 Property Tax Rate

Property owners in ZIP code 56054 (Lafayette, Minnesota) pay a median of $2,325/year in property taxes on homes valued at $200,400. This translates to an effective tax rate of 1.16%, which is 21% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56054 is approximately $194, which factors into escrow payments on mortgages. This ZIP code is located within Nicollet County.

Compared to similar ZIP codes in Minnesota, 56054 has lower property taxes. ZIP codes with similar effective rates include 55049 (1.16%) and 55807 (1.16%).

In Lafayette, property taxes represent approximately 2.4% of the median household income of $97,344, 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 Nicollet County Assessor immediately after closing to lock in the reduced assessment ratio for school and local taxes. Contact the Nicollet County Assessor's office to verify your property has been classified as homestead-eligible and confirm your tax year filing deadline.