56220 Property Tax Rate

Property owners in ZIP code 56220 (Canby, Minnesota) pay a median of $1,729/year in property taxes on homes valued at $162,500. This translates to an effective tax rate of 1.06%, which is 11% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56220 is approximately $144, which factors into escrow payments on mortgages. This ZIP code is located within Yellow Medicine County. This is $577 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56220 has lower property taxes. ZIP codes with similar effective rates include 55341 (1.06%) and 56057 (1.06%).

In Canby, property taxes represent approximately 2.9% of the median household income of $60,185, 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 Yellow Medicine County Assessor's office by December 31 of the year following your purchase to secure the homestead rate. Contact the Yellow Medicine County Assessor to verify your eligibility and confirm homestead classification on your assessment notice.