Brooks, Minnesota Property Taxes
The median property tax rate in Brooks, MN is 0.52%, 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 $150,550, the typical annual property tax bill reaches $794, 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
0.52%
Estimate Property Tax Bill
$783
Ownwell’s Brooks Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers. With just two simple inputs—your property's estimated assessed value and the median tax rate in Brooks—the calculator provides an accurate estimate of your annual property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities, making financial planning easier. For those keen on neighborhood-specific data, further localized information is available below. Your property's assessed value, determined by the county, forms the basis for property tax calculations and includes any applicable exemptions. Explore the calculator to gain a better grasp of your property tax obligations in Brooks.
Property Tax Rates Across Brooks, Minnesota
Property taxes in Brooks, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Brooks stands at 1.36%, significantly higher than both the Minnesota state median of 1.05% 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's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56715 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Brooks provides valuable insights into the varying tax landscape across Red Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooks Tax Rate
0.52%
Average Red Lake County Tax Rate
1.03%
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 | 0.43% | 0.48% | 0.52% | 0.67% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Brooks, Minnesota
In Brooks, 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 Red Lake 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Brooks is $794.00 in the 56715 zip code, which contrasts with the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brooks Assessed Value
$150,550
Average Red Lake County Assessed Value
$138,800
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 | $34,930 | $79,125 | $150,550 | $206,875 | $315,310 |
Source: Ownwell
Property Tax Bills Across Brooks, Minnesota
In Brooks, located in Red Lake County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the estimated market value of the home. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Brooks experience a range of tax bills. The 25th percentile tax bill is approximately $410, while the 75th percentile reaches $1168, and the 90th percentile can be as high as $1564. These figures highlight the variability in tax burdens depending on property values and specific assessments. Compared to the national median property tax rate of 0.99%, homeowners in Brooks may find their property tax bills to be relatively moderate. This variability in tax bills can significantly impact homeowners' financial planning, influencing decisions on property ownership and investment in the area.
Average Brooks Tax Bill
$794
Average Red Lake County Tax Bill
$1,274
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 | $226 | $410 | $794 | $1,168 | $1,564 |
Source: Ownwell