56140 Property Tax Rate

Property owners in ZIP code 56140 (Ihlen, Minnesota) pay a median of $199/year in property taxes on homes valued at $85,200. This translates to an effective tax rate of 0.23%, which is 76% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56140 is approximately $17, which factors into escrow payments on mortgages. This ZIP code is located within Pipestone County. This is $2,107 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56140 has lower property taxes. ZIP codes with similar effective rates include 56151 (0.38%) and 56583 (0.43%).

In Ihlen, property taxes represent approximately 0.3% of the median household income of $63,676, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 56140, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Pipestone County's tax assessor directly.