Braham, Minnesota Property Taxes
The median property tax rate in Braham, MN is 0.78%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Braham, the typical annual property tax bill comes to $1,620, falling below the national median of $2,690. Property taxes in Braham are calculated based on the assessed value, often lower than the market value due to exemptions like 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 Pine 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 0.78%, which is lower than 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 the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Braham provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braham Tax Rate
0.78%
Average Pine County Tax Rate
0.75%
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 | 0.45% | 0.62% | 0.78% | 0.86% | 0.94% |
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 Pine 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. 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. The highest median tax bill in the area is $1,620 in zip code 55006, while the lowest median tax bill is also $1,620 in the same zip code.
Average Braham Assessed Value
$243,500
Average Pine County Assessed Value
$174,300
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 | $29,300 | $105,625 | $243,500 | $384,525 | $514,990 |
Source: Ownwell
Property Tax Bills Across Braham, Minnesota
Property tax bills in Braham, located in Pine County, MN, are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For example, if the median home price in Braham is $243,500, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Braham can expect a range of tax bills. For instance, those in the 25th percentile might pay around $694 annually, while those in the 75th percentile could see bills up to $2,518. The highest tax bills, in the 90th percentile, can reach $3,762. This variability affects homeowners differently, with higher-valued properties generally facing steeper tax bills. Compared to the national median property tax rate of 0.99%, Braham's rates offer a unique perspective on local taxation.
Average Braham Tax Bill
$1,620
Average Pine County Tax Bill
$1,286
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 | $190 | $694 | $1,620 | $2,518 | $3,762 |
Source: Ownwell