56223 Property Tax Rate

Property owners in ZIP code 56223 (Clarkfield, Minnesota) pay a median of $1,165/year in property taxes on homes valued at $101,400. This translates to an effective tax rate of 1.15%, which is 20% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56223 is approximately $97, which factors into escrow payments on mortgages. This ZIP code is located within Yellow Medicine County. This is $1,141 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56223 has lower property taxes. ZIP codes with similar effective rates include 55950 (1.15%) and 55426 (1.15%).

In Clarkfield, property taxes represent approximately 1.8% of the median household income of $65,250, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 56223, 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 Yellow Medicine County's tax assessor directly.