Brooten, Minnesota Property Taxes
The median property tax rate in Brooten, MN is 0.73%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brooten at $235,800, the typical annual property tax bill reaches $1,680, well below the national median of $2,690. Property taxes in Brooten 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 Brooten'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 Brooten 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
Brooten, 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 Brooten Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooten with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooten 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 Brooten, Minnesota
Property taxes in Brooten, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooten is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Brooten set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooten 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 Brooten's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56316 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Brooten provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooten Tax Rate
0.73%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooten, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56316 | 0.31% | 0.46% | 0.73% | 0.88% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Brooten, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Brooten, Minnesota. 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 Kandiyohi 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 Brooten, 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 Brooten helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,680, found in the 56316 zip code.
Average Brooten Assessed Value
$235,800
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooten, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56316 | $107,280 | $153,975 | $235,800 | $344,425 | $635,930 |
Source: Ownwell
Property Tax Bills Across Brooten, Minnesota
In Brooten, located in Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $235,800, homeowners can expect varying tax bills depending on their property's specific assessed value and the applicable tax rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The tax bill for the 25th percentile is around $844, while homeowners in the 75th percentile see bills closer to $2,512. Those in the 90th percentile face tax bills up to $3,014. Compared to the national median property tax rate of 0.99%, Brooten's tax rates can significantly impact homeowners, with the highest and lowest median tax bills both recorded at $1,680 in the zip code 56316. This variation highlights the importance of understanding local tax assessments and potential exemptions to manage property tax liabilities effectively.
Average Brooten Tax Bill
$1,680
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooten, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56316 | $437 | $844 | $1,680 | $2,512 | $3,014 |
Source: Ownwell