56256 Property Tax Rate

Property owners in ZIP code 56256 (Madison, Minnesota) pay a median of $1,242/year in property taxes on homes valued at $122,400. This translates to an effective tax rate of 1.01%, which is 6% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56256 is approximately $104, which factors into escrow payments on mortgages. This ZIP code is located within Lac qui Parle County. This is $1,064 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56256 has higher property taxes. ZIP codes with similar effective rates include 56017 (1.02%) and 55372 (1.01%).

In Madison, property taxes represent approximately 2.0% of the median household income of $62,250, 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 Lac qui Parle County Assessor's office by December 31 of the year following your purchase to lock in homestead classification. Contact the Lac qui Parle County Assessor to confirm your application and ensure your property receives the homestead tax rate.