56362 Property Tax Rate

Property owners in ZIP code 56362 (Paynesville, Minnesota) pay a median of $2,084/year in property taxes on homes valued at $242,700. This translates to an effective tax rate of 0.86%, which is 10% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56362 is approximately $174, which factors into escrow payments on mortgages. This ZIP code is located within Stearns County. This is $222 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56362 has lower property taxes. ZIP codes with similar effective rates include 56034 (0.86%) and 56308 (0.86%).

In Paynesville, property taxes represent approximately 2.6% of the median household income of $81,536, 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 — file this designation with the Stearns County Assessor before your first tax bill. The Homestead Credit, an income-based refund program available to qualifying households, is claimed on your Minnesota state income tax return and reduces your annual liability. Contact the Stearns County Assessor within 30 days of purchase to establish your homestead status and review your assessed value.