Britt, Minnesota Property Taxes
The median property tax rate in Britt, MN is 0.99%, aligning with the national median but slightly lower than the Minnesota state median of 1.11%. With the median home value in Britt at $171,700, the typical annual property tax bill amounts to $1,610, which is below the national median of $2,690. Property taxes in Britt are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Britt'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 Britt or another part of St. Louis County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Britt, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,700
Ownwell’s Britt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Britt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Britt 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 Britt, Minnesota
Property taxes in Britt, Minnesota, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Britt is 0.99%, aligning with both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Britt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Britt 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 Britt's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55710 has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Britt provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Britt Tax Rate
0.99%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Britt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55710 | 0.75% | 0.89% | 0.99% | 1.05% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Britt, Minnesota
In Britt, 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 St. Louis 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 Britt, 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 Britt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Britt is 55710, with a median tax bill of $1,610.
Average Britt Assessed Value
$171,700
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Britt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55710 | $18,300 | $97,925 | $171,700 | $238,500 | $325,350 |
Source: Ownwell
Property Tax Bills Across Britt, Minnesota
In Britt, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Britt is $171,700, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood developments can influence the assessed value, potentially increasing or decreasing the tax bill. Homeowners in Britt typically see a range of tax bills. For example, those in the 25th percentile pay around $816 annually, while those in the 75th percentile pay about $2,408. At the 90th percentile, the tax bill can reach up to $3,323. Compared to the national median property tax rate of 0.99%, Britt's property taxes can vary widely, impacting household budgets differently. Understanding how these factors come into play helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Britt Tax Bill
$1,610
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Britt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55710 | $207 | $816 | $1,610 | $2,408 | $3,323 |
Source: Ownwell