Braham, Minnesota Property Taxes
The median property tax rate in Braham, MN is 0.95%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With a median home value of $308,100 in Braham, the typical annual property tax bill amounts to $2,757, which is also lower than the national median of $2,690. Property taxes in Braham are determined based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Braham'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 Braham or another part of the city, grasping 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 assists homeowners, real estate investors, and potential buyers in estimating 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 provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Chisago County for property tax calculations, taking into account any applicable exemptions.
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 0.95%, slightly below 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 areas in Chisago County and the national median. For comparison, the zip code 55006 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Braham provides valuable insights into the varying tax landscape across Chisago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braham Tax Rate
0.95%
Average Chisago County Tax Rate
1.18%
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 | 0.29% | 0.72% | 0.95% | 1.00% | 1.02% |
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 Chisago 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. The median home price in Braham is $308,100, with annual tax bills ranging from $1,768 at the 25th percentile to $4,111 at the 90th percentile. The zip code 55006 has both the highest and lowest median tax bill at $2,757. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Braham Assessed Value
$308,100
Average Chisago County Assessed Value
$305,800
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 | $54,620 | $208,800 | $308,100 | $391,400 | $459,280 |
Source: Ownwell
Property Tax Bills Across Braham, Minnesota
In Braham, located in Chisago County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Braham is $308,100. The tax bill is determined by multiplying the assessed value by the local property tax rate, which is influenced by county and city budgets, school funding, and other municipal needs. For instance, homeowners in Braham can expect to pay a median property tax bill of approximately $2,757, which aligns with the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in local government spending can affect the assessed value and, consequently, the tax bill. Homeowners in the 25th percentile pay around $1,768, while those in the 75th percentile see bills closer to $3,416. At the 90th percentile, the tax bill can reach up to $4,111. These varying amounts highlight how individual property values and local tax rates impact what homeowners owe annually.
Average Braham Tax Bill
$2,757
Average Chisago County Tax Bill
$3,492
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 | $80 | $1,768 | $2,757 | $3,416 | $4,111 |
Source: Ownwell