56725 Property Tax Rate

Property owners in ZIP code 56725 (Goodridge, Minnesota) pay a median of $2,301/year in property taxes on homes valued at $199,200. This translates to an effective tax rate of 1.16%, which is 21% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 56725 is approximately $192, which factors into escrow payments on mortgages. This ZIP code is located within Pennington County.

Compared to similar ZIP codes in Minnesota, 56725 has higher property taxes. ZIP codes with similar effective rates include 56282 (1.15%) and 56216 (1.15%).

In Goodridge, property taxes represent approximately 3.4% of the median household income of $68,125, 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 investment or commercial property, providing automatic tax relief for primary residences. Register homestead status with the Pennington County Assessor within 30 days of purchase to activate the reduced classification. Monitor your annual assessment from the Pennington County Assessor and file an appeal by the county deadline if assessed value appears inflated relative to comparable sales.