Brooks, Minnesota Property Taxes
The median property tax rate in Brooks, MN is 0.70%, which is considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brooks at $173,900, the typical annual property tax bill reaches $1,214, significantly less than the national median of $2,690. Property taxes in Brooks 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 Brooks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Brooks 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
Brooks, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,217
Ownwell’s Brooks Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Brooks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooks to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, further localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Brooks, Minnesota
Property taxes in Brooks, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooks is 0.70%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Brooks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooks 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 Brooks' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56715 has the highest median property tax rate of 0.70%, which is the same as the lowest median tax rate of 0.70%. Understanding how these cities compare with Brooks provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooks Tax Rate
0.70%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56715 | 0.36% | 0.37% | 0.70% | 0.78% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Brooks, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Brooks, 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 Polk 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 Brooks, 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. For instance, the median home price in Brooks is $173,900, with tax bills ranging from $1,064 at the 25th percentile to $1,477 at the 90th percentile. The zip code 56715 has the highest and lowest median tax bill of $1,214. By understanding 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 Brooks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brooks Assessed Value
$173,900
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56715 | $136,240 | $141,700 | $173,900 | $285,300 | $391,200 |
Source: Ownwell
Property Tax Bills Across Brooks, Minnesota
In Brooks, located in Polk County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Brooks typically see property tax bills ranging from $1,064 at the 25th percentile to $1,477 at the 90th percentile. The median home price in Brooks is $173,900, which influences the tax bill amount. The local tax rate in Brooks is applied to the assessed value to determine the annual tax bill. This rate is influenced by various factors, including local government budgets, school district funding, and public services. Compared to the national median property tax rate of 0.99%, Brooks presents a competitive tax environment for homeowners. Understanding these factors is crucial for homeowners as they directly impact the affordability and overall cost of owning property in Brooks.
Average Brooks Tax Bill
$1,214
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56715 | $1,050 | $1,064 | $1,214 | $1,256 | $1,477 |
Source: Ownwell