56543 Property Tax Rate

Property owners in ZIP code 56543 (Foxhome, Minnesota) pay a median of $1,107/year in property taxes on homes valued at $137,500. This translates to an effective tax rate of 0.81%, which is 16% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56543 is approximately $92, which factors into escrow payments on mortgages. This ZIP code is located within Wilkin County. This is $1,199 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56543 has lower property taxes. ZIP codes with similar effective rates include 55709 (0.81%) and 56176 (0.81%).

In Foxhome, property taxes represent approximately 1.7% of the median household income of $64,643, 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.