56283 Property Tax Rate

Property owners in ZIP code 56283 (Redwood Falls, Minnesota) pay a median of $1,786/year in property taxes on homes valued at $177,200. This translates to an effective tax rate of 1.01%, which is 5% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56283 is approximately $149, which factors into escrow payments on mortgages. This ZIP code is located within Redwood County. This is $520 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56283 has higher property taxes. ZIP codes with similar effective rates include 56345 (1.01%) and 56580 (1.01%).

In Redwood Falls, property taxes represent approximately 2.7% of the median household income of $66,548, 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 Redwood County Assessor's office by December 31 of the year following your purchase to secure the reduced tax class rate. Contact the Redwood County Assessor to confirm the filing deadline and ensure your property is classified as homestead before your first tax bill is issued.