56180 Property Tax Rate

Property owners in ZIP code 56180 (Walnut Grove, Minnesota) pay a median of $1,094/year in property taxes on homes valued at $126,300. This translates to an effective tax rate of 0.87%, which is 9% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56180 is approximately $91, which factors into escrow payments on mortgages. This ZIP code is located within Redwood County. This is $1,212 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56180 has lower property taxes. ZIP codes with similar effective rates include 56293 (0.87%) and 55325 (0.87%).

In Walnut Grove, property taxes represent approximately 1.7% of the median household income of $65,614, 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 Redwood County Assessor's office by December 31 of the year following your purchase to secure the reduced tax class rate. Contact the Redwood County Assessor to confirm the filing deadline and ensure your property is classified as homestead before your first tax bill is issued.