56240 Property Tax Rate

Property owners in ZIP code 56240 (Graceville, Minnesota) pay a median of $1,170/year in property taxes on homes valued at $118,400. This translates to an effective tax rate of 0.99%, which is 3% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56240 is approximately $98, which factors into escrow payments on mortgages. This ZIP code is located within Big Stone County. This is $1,136 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56240 has lower property taxes. ZIP codes with similar effective rates include 56477 (0.99%) and 56514 (0.99%).

In Graceville, property taxes represent approximately 1.8% of the median household income of $66,250, 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 Big Stone County Assessor's office by December 31 of the year following your purchase to qualify for the reduced assessment class. Contact the Big Stone County Assessor to begin the homestead application process and review your property assessment.