56175 Property Tax Rate

Property owners in ZIP code 56175 (Tracy, Minnesota) pay a median of $1,628/year in property taxes on homes valued at $154,400. This translates to an effective tax rate of 1.05%, which is 10% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56175 is approximately $136, which factors into escrow payments on mortgages. This ZIP code is located within Lyon County. This is $678 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56175 has lower property taxes. ZIP codes with similar effective rates include 55906 (1.05%) and 56716 (1.05%).

In Tracy, property taxes represent approximately 2.4% of the median household income of $66,506, 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 Lyon County Assessor's office by December 31 of the year following your purchase to qualify for the reduced assessment class. Contact the Lyon County Assessor to confirm your homestead eligibility and ensure the classification appears on your first tax statement.