Brooklyn Center, Minnesota Property Taxes
The median property tax rate in Brooklyn Center, MN is 1.55%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brooklyn Center at $73,000, the typical annual property tax bill reaches $1,245, exceeding the national median of $2,690. Property taxes in Brooklyn Center are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brooklyn Center's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Brooklyn Center or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brooklyn Center, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Brooklyn Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooklyn Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooklyn Center to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Brooklyn Center, Minnesota
Property taxes in Brooklyn Center, MN, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooklyn Center is 1.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Brooklyn Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooklyn Center estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Brooklyn Center's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55429 zip code has the highest median property tax rate of 1.55%, while the same zip code also represents the lowest median tax rate of 1.55%. Understanding how these cities compare with Brooklyn Center provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooklyn Center Tax Rate
1.55%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooklyn Center, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55429 | 1.43% | 1.48% | 1.55% | 1.63% | 1.67% |
| 55430 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Brooklyn Center, Minnesota
In Brooklyn Center, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Hennepin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Brooklyn Center, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Brooklyn Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Brooklyn Center is $2,911 in the 55429 zip code, while the lowest median tax bill is also $2,911 in the same zip code.
Property Tax Assessment Values Across Brooklyn Center, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Brooklyn Center Assessed Value
$73,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooklyn Center, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55429 | $98,300 | $136,250 | $199,500 | $262,750 | $300,700 |
| 55430 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Brooklyn Center, Minnesota
In Brooklyn Center, located in Hennepin County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Brooklyn Center is $73,000, with tax bills ranging widely depending on the property's value and specific circumstances. Homeowners in Brooklyn Center can expect their tax bills to fall within a broad spectrum. The 25th percentile tax bill is $622, while the 75th percentile reaches $2,911, and the 90th percentile goes up to $3,911. The highest median tax bill recorded in the area is $2,911, specifically in the 55429 zip code. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Brooklyn Center Tax Bill
$1,245
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooklyn Center, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55429 | $1,578 | $2,078 | $2,911 | $3,744 | $4,244 |
| 55430 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell