Brook Park, Minnesota Property Taxes
The median property tax rate in BROOK PARK, MN is 0.69%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $189,000 in BROOK PARK, the typical annual property tax bill amounts to $1,178, which is below the national median of $2,690. Property taxes in BROOK PARK are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding BROOK PARK's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of BROOK PARK 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
Brook Park, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,304
Ownwell’s Brook Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brook Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brook Park 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 Brook Park, Minnesota
Property taxes in Brook Park, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brook Park is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Brook Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brook Park 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 Brook Park's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55007 zip code has both the highest and lowest median property tax rate of 0.69%, showcasing a uniform tax landscape within the area. Understanding how these cities compare with Brook Park 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 Brook Park Tax Rate
0.69%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brook Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55007 | 0.36% | 0.54% | 0.69% | 0.80% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Brook Park, Minnesota
In Brook Park, 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 Brook Park, 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 Brook Park 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 $1,178, found in the 55007 zip code.
Average Brook Park Assessed Value
$189,000
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 Brook Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55007 | $35,480 | $78,600 | $189,000 | $314,700 | $436,480 |
Source: Ownwell
Property Tax Bills Across Brook Park, Minnesota
In Brook Park, Pine County, MN, property tax bills are calculated based on the assessed value of a home. The local assessors determine this value, which is then multiplied by the property tax rate set by the county. For comparison, the national median property tax rate stands at 0.99%. In Brook Park, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $472, while the 75th percentile reaches $1,980, and the 90th percentile climbs to $2,802. Factors influencing the tax bill include the market value of the property, any applicable exemptions, and the specific tax rate for the area. Homeowners in Brook Park with a median home price of $189,000 may find their tax bills to be a substantial part of their annual expenses. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Brook Park Tax Bill
$1,178
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brook Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55007 | $222 | $472 | $1,178 | $1,980 | $2,802 |
Source: Ownwell