Braham, Minnesota Property Taxes
The median property tax rate in Braham, MN is 1.65%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Braham at $210,600, the typical annual property tax bill reaches $2,644, slightly below the national median of $2,690. Property taxes in Braham 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 Braham'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 Braham or another part of Isanti County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Braham, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$3,475
Ownwell’s Braham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Braham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Braham 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 Braham, Minnesota
Property taxes in Braham, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Braham is 1.65%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Braham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Braham 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 Braham's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55006 zip code has both the highest and lowest median property tax rate of 1.65%. Understanding how these cities compare with Braham provides valuable insights into the varying tax landscape across Isanti County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braham Tax Rate
1.65%
Average Isanti County Tax Rate
0.95%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Braham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55006 | 0.38% | 0.81% | 1.65% | 1.81% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Braham, Minnesota
In Braham, 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 Isanti 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 Braham, 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. The median home price in Braham is $210,600, with the 25th percentile tax bill at $1,734 and the 75th percentile at $3,766. 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 Braham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Braham Assessed Value
$210,600
Average Isanti County Assessed Value
$289,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Braham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55006 | $112,250 | $150,850 | $210,600 | $258,200 | $350,050 |
Source: Ownwell
Property Tax Bills Across Braham, Minnesota
In Braham, Isanti County, MN, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The median home price in Braham is $210,600, and the property tax rate is applied to this assessed value. Factors such as property improvements, market conditions, and comparable home sales in the area can influence the assessed value. Homeowners in Braham can expect their property tax bills to vary. For instance, the tax bill at the 25th percentile is $1,734, while at the 75th percentile, it reaches $3,766. At the 90th percentile, the tax bill can go up to $4,522. The highest median tax bill in the area is $2,644, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by affecting their annual budgeting and long-term financial planning. Understanding how these taxes are calculated helps homeowners anticipate their expenses better and make informed decisions about their property investments.
Average Braham Tax Bill
$2,644
Average Isanti County Tax Bill
$2,982
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Braham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55006 | $696 | $1,734 | $2,644 | $3,766 | $4,522 |
Source: Ownwell