Brook Park, Minnesota Property Taxes
The median property tax rate in Brook Park, MN is 1.03%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Brook Park at $146,750, the typical annual property tax bill reaches $1,432, which is below the national median of $2,690. Property taxes in Brook Park are calculated based on the tax assessed value, which often falls below 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 significant 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 1.03%, higher than both the Minnesota state median and 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 1.03%. Understanding how these cities compare with Brook Park provides valuable insights into the varying tax landscape across Kanabec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brook Park Tax Rate
1.03%
Average Kanabec County Tax Rate
1.11%
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 | 0.75% | 0.90% | 1.03% | 1.13% | 1.22% |
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 Kanabec 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. Assessment notices in Brook Park 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 median home price in Brook Park is $146,750, with tax bills ranging from $662 at the 25th percentile to $3,697 at the 90th percentile. The zip code 55007 has the highest and lowest median tax bill at $1,432.
Average Brook Park Assessed Value
$146,750
Average Kanabec County Assessed Value
$192,900
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 | $31,600 | $71,650 | $146,750 | $249,900 | $350,900 |
Source: Ownwell
Property Tax Bills Across Brook Park, Minnesota
In Brook Park, Kanabec County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For context, the median home price in Brook Park is $146,750. Homeowners in the 25th percentile pay around $662 annually in property taxes, while those in the 75th percentile see bills closer to $2,576. At the higher end, the 90th percentile tax bill reaches approximately $3,697. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax rates in Brook Park can significantly impact homeowners financially. Understanding these factors is crucial for homeowners to anticipate their annual expenses and manage their budgets effectively. The highest and lowest median tax bills in the area are both $1,432, indicating some consistency in tax assessments within the region.
Average Brook Park Tax Bill
$1,432
Average Kanabec County Tax Bill
$2,112
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 | $348 | $662 | $1,432 | $2,576 | $3,697 |
Source: Ownwell