56686 Property Tax Rate

Property owners in ZIP code 56686 (Williams, Minnesota) pay a median of $933/year in property taxes on homes valued at $175,300. This translates to an effective tax rate of 0.53%, which is 44% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56686 is approximately $78, which factors into escrow payments on mortgages. This ZIP code is located within Lake of the Woods County. This is $1,373 less than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 56686 has lower property taxes. ZIP codes with similar effective rates include 56431 (0.53%) and 56448 (0.53%).

In Williams, property taxes represent approximately 1.3% of the median household income of $70,781, providing context for the relative tax burden on homeowners in this area.

Minnesota homestead classification provides a lower tax rate for owner-occupied primary residences compared to non-homestead property, benefiting all qualifying homebuyers statewide. Verify homestead status with the Lake of the Woods County Assessor within 30 days of closing. Request an assessment review from the Lake of the Woods County Assessor annually and file a formal appeal by the county deadline if assessed value exceeds comparable recent sales.