56470 Property Tax Rate

Property owners in ZIP code 56470 (Park Rapids, Minnesota) pay a median of $2,163/year in property taxes on homes valued at $260,500. This translates to an effective tax rate of 0.83%, which is 13% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56470 is approximately $180, which factors into escrow payments on mortgages. This ZIP code is located within Hubbard County.

Compared to similar ZIP codes in Minnesota, 56470 has lower property taxes. ZIP codes with similar effective rates include 56728 (0.83%) and 55949 (0.83%).

In Park Rapids, property taxes represent approximately 3.2% of the median household income of $68,351, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification system taxes owner-occupied homes at a lower rate than commercial or rental properties, providing automatic savings for primary residences. Register your homestead status with the Hubbard County Assessor within 30 days of closing to ensure the reduced rate applies from the first tax year. Monitor your assessment notices from the Hubbard County Assessor annually and file a formal appeal if your value assessment exceeds comparable recent sales in your area.