Brimson, Minnesota Property Taxes
The median property tax rate in Brimson, MN is 0.48%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brimson, the typical annual property tax bill reaches $482, significantly below the national median of $2,690. Property taxes in Brimson 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 Brimson'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 Brimson or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brimson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$509
Ownwell’s Brimson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brimson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brimson 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 Brimson, Minnesota
Property taxes in Brimson, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brimson is 0.48%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Brimson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brimson 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 Brimson's effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 55602 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Brimson provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brimson Tax Rate
0.48%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brimson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55602 | 0.22% | 0.34% | 0.48% | 0.52% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Brimson, Minnesota
In Brimson, 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 Lake County Assessor's Office 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 Brimson, 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 Brimson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the highest and lowest median tax bills in Brimson are both $482, found in the 55602 zip code.
Average Brimson Assessed Value
$106,100
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brimson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55602 | $40,100 | $71,500 | $106,100 | $193,300 | $254,240 |
Source: Ownwell
Property Tax Bills Across Brimson, Minnesota
In Brimson, located in Lake County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Brimson is $106,100, and the property tax rate is applied to this assessed value to determine the annual tax bill. The tax bill varies depending on several factors, including the specific assessed value of the property and any applicable exemptions or deductions. For homeowners in Brimson, the 25th percentile tax bill is $280, while the 75th percentile tax bill is $659. At the 90th percentile, the tax bill reaches $944. These figures illustrate the range of property tax burdens that residents might experience. Compared to the national median property tax rate of 0.99%, Brimson's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners as they navigate their fiscal responsibilities and make informed decisions about property ownership in Brimson.
Average Brimson Tax Bill
$482
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brimson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55602 | $114 | $280 | $482 | $659 | $944 |
Source: Ownwell