56118 Property Tax Rate

Property owners in ZIP code 56118 (Bingham Lake, Minnesota) pay a median of $1,820/year in property taxes on homes valued at $251,600. This translates to an effective tax rate of 0.72%, which is 24% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56118 is approximately $152, which factors into escrow payments on mortgages. This ZIP code is located within Cottonwood County. This is $486 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56118 has lower property taxes. ZIP codes with similar effective rates include 55724 (0.72%) and 55702 (0.72%).

In Bingham Lake, property taxes represent approximately 2.0% of the median household income of $89,076, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification system taxes primary residences at a lower assessment rate than rental or commercial property, providing immediate tax savings at purchase. File your homestead application with the Cottonwood County Assessor's office by December 31 of the year following your purchase to lock in the reduced tax class rate. Contact the Cottonwood County Assessor to verify your homestead status and review your first assessment notice for accuracy.