56241 Property Tax Rate

Property owners in ZIP code 56241 (Granite Falls, Minnesota) pay a median of $1,866/year in property taxes on homes valued at $154,500. This translates to an effective tax rate of 1.21%, which is 26% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56241 is approximately $156, which factors into escrow payments on mortgages. This ZIP code is located within Yellow Medicine County. This is $440 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56241 has higher property taxes. ZIP codes with similar effective rates include 55812 (1.21%) and 55409 (1.21%).

In Granite Falls, property taxes represent approximately 2.8% of the median household income of $66,354, 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.