Granite Falls, Yellow Medicine County, Minnesota Property Taxes

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Property Taxes in Granite Falls, Minnesota

Median Granite Falls, Minnesota effective property tax rate: 1.25%, significantly higher than the national median of 1.02%, and higher than the Minnesota state median of 1.13%.
Median Granite Falls, Minnesota home value: $145,400
Median annual Granite Falls, Minnesota tax bill: $1,682, $718 lower than the national median property tax bill of $2,400.

How are property taxes in Yellow Medicine calculated?

Property taxes in Granite Falls, Minnesota are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Granite Falls's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Granite Falls, knowing local tax details benefits homeowners and investors.

Last Updated April 13, 2026

Granite Falls, Yellow Medicine County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.25%

Estimate Property Tax Bill

$1,818

$1,687

How Does the Granite Falls Property Tax Calculator Work?

Use this Granite Falls property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Granite Falls's median effective tax rate of 1.25% — based on actual property records in Yellow Medicine County — to generate your estimate.

Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Granite Falls's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.

Your bill may vary by ZIP code within Granite Falls: rates range from 1.25% in 56241 to 1.25% in 56241, primarily due to differences in school district levies and local assessment districts.

For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Granite Falls.

About Granite Falls Property Taxes

About Property Taxes in Granite Falls, Yellow Medicine, Minnesota

Granite Falls's median effective property tax rate of 1.25% is higher than the Minnesota state median of 1.13% and higher than the national median of 1.02%. This rate reflects the Yellow Medicine County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.

Property tax rates are not uniform across Granite Falls. Homeowners in the 56241 ZIP code carry a median effective rate of 1.25%, while those in the same ZIP pay 1.25%. This spread — 0 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Yellow Medicine County. Understanding which part of Granite Falls you live in can make a meaningful difference to your annual tax bill.

Granite Falls homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the April 30, 2026 deadline each year.

If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.

Property Tax Rates Across Granite Falls, Yellow Medicine County, Minnesota

As noted earlier, local government entities set tax rates, which can vary widely within a state.

Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.

While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Granite Falls's effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.

Property Tax Rates Across Granite Falls, Yellow Medicine County, Minnesota

Source: Ownwell

0.50%

1.03%

1.56%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Granite Falls Tax Rate

1.25%

Median Effective Yellow Medicine County Tax Rate

1.18%

Median Effective Minnesota Tax Rate

1.13%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Granite Falls, Yellow Medicine County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56241	0.51%	0.93%	1.25%	1.50%	1.73%

Source: Ownwell

Property Tax Assessment Values Across Granite Falls, Yellow Medicine County, Minnesota

When examining property taxes in Granite Falls, Minnesota, understanding the distinction between market value and assessed value is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. Yellow Medicine County estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices in Yellow Medicine County are sent in the spring each year and typically reach your mailbox by the middle of the month. Each property owner receives a notice showing both values and an estimate of your property tax bill.

For example, the median home price in Granite Falls is $145,400, with a median tax bill of $1,682. The highest median home price is in 56241 at $145,400.

Property Tax Assessment Values Across Granite Falls, Yellow Medicine County, Minnesota

Source: Ownwell

$47,700

$217,150

$386,600

Median Granite Falls Market Value

$145,400

Median Yellow Medicine County Market Value

$150,700

Median Minnesota Market Value

$304,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Granite Falls, Yellow Medicine County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56241	$49,360	$87,250	$145,400	$226,200	$339,320

Source: Ownwell

Property Tax Bills Across Granite Falls, Yellow Medicine County, Minnesota

Granite Falls property tax bills are calculated by applying the local tax rate to a home’s assessed market value, then adjusting for any exemptions or special assessments. The assessed value is the foundation of the bill, so when a home’s market value changes, the tax bill can change too. Local budgets, school funding, and other taxing authorities also influence the final amount homeowners owe.

For Granite Falls homeowners, the median home price is $145,400, and the median tax bill in the area is $1,682. That is below the national median property tax bill of $2,400 and also below the national median property tax rate of 1.02%. Bills can still vary widely: the 25th percentile is $934, while the 75th percentile is $2,648 and the 90th percentile reaches $3,641. This means two homes in the same city can face very different tax bills depending on value, location, and local levies.

Property Tax Bills Across Granite Falls, Yellow Medicine County, Minnesota

Source: Ownwell

$426

$1,238

$2,050

Median Granite Falls Tax Bill

$1,682

Median Yellow Medicine County Tax Bill

$1,594

Median Minnesota Tax Bill

$3,364

Median United States Tax Bill

$2,400

Property Tax Bills Across Granite Falls, Yellow Medicine County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56241	$528	$934	$1,682	$2,648	$3,641

Source: Ownwell

Don't miss the deadline to appeal!

Dates
Appeal Deadline	April 30

Links
Yellow Medicine Tax Assessor
Website	tax.cptmn.us

Frequently Asked Property Tax Questions in Granite Falls, Minnesota

How are property taxes calculated in Granite Falls, Minnesota?

Property taxes in Granite Falls, Minnesota are calculated by multiplying your property's assessed value by the applicable tax rate set by local taxing authorities. The assessed value is determined by the county assessor and may differ from your property's market value depending on local assessment ratios and exemptions.

How do I appeal my property taxes in Granite Falls, Minnesota?

To appeal your property taxes in Granite Falls, Minnesota, you typically need to file a formal protest or appeal with your local appraisal district or assessor's office by the stated deadline. You'll need evidence such as comparable sales, a recent independent appraisal, or documentation of property condition issues. Ownwell can handle this entire process for you.

What property tax exemptions are available in Granite Falls, Minnesota?

Common property tax exemptions in Granite Falls, Minnesota include homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. Exemption amounts and eligibility requirements vary by county. Contact your local appraisal district or check Ownwell for details specific to your property.

When are property taxes due in Granite Falls, Minnesota?

Property tax deadlines in Granite Falls, Minnesota vary by county but typically include an assessment notice period in spring or early summer, followed by an appeal deadline, and a tax payment due date in the fall or winter. Check with your county assessor's office for specific dates in your area.

How can Ownwell help reduce my property taxes in Granite Falls, Minnesota?

Ownwell provides professional property tax appeal services in Granite Falls, Minnesota. Our team analyzes your assessment, gathers evidence, files all paperwork, and represents you at hearings — all with no upfront cost. You only pay a percentage of your savings if we successfully lower your tax bill.