56520 Property Tax Rate

Property owners in ZIP code 56520 (Breckenridge, Minnesota) pay a median of $1,313/year in property taxes on homes valued at $152,600. 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 56520 is approximately $109, which factors into escrow payments on mortgages. This ZIP code is located within Wilkin County. This is $993 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56520 has higher property taxes. ZIP codes with similar effective rates include 56585 (0.86%) and 56308 (0.86%).

In Breckenridge, property taxes represent approximately 2.1% of the median household income of $61,537, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification system taxes owner-occupied primary residences at a lower rate than rental or commercial property statewide. Register homestead status with the Wilkin County Assessor immediately after purchase to activate the reduced tax classification. Request a property assessment review from the Wilkin County Assessor annually and submit an appeal by the county deadline if assessed value appears inflated.