56243 Property Tax Rate

Property owners in ZIP code 56243 (Grove City, Minnesota) pay a median of $1,627/year in property taxes on homes valued at $173,400. This translates to an effective tax rate of 0.94%, which is near the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56243 is approximately $136, which factors into escrow payments on mortgages. This ZIP code is located within Meeker County. This is $679 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56243 has lower property taxes. ZIP codes with similar effective rates include 55090 (0.94%) and 56438 (0.94%).

In Grove City, property taxes represent approximately 2.5% of the median household income of $65,625, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification reduces your taxable market value and applies a lower tax class rate to primary residences — register with the Meeker County Assessor upon purchase to lock in this benefit. The Homestead Credit, an income-based property tax refund for qualifying homeowners, is claimed on your Minnesota state income tax return. File your homestead application with the Meeker County Assessor's office immediately after closing.