Bruno, Minnesota Property Taxes
The median property tax rate in Bruno, MN is 0.78%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $130,250 in Bruno, the typical annual property tax bill amounts to $868, significantly below the national median of $2,690. Property taxes in Bruno are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Bruno's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're residing in the heart of Bruno or in another area within Pine County, gaining a comprehensive understanding of the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Bruno, 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 Bruno Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bruno with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bruno 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 Bruno, Minnesota
Property taxes in Bruno, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruno is 0.78%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bruno set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruno 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 Bruno's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55712 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Bruno provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruno Tax Rate
0.78%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bruno, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55712 | 0.48% | 0.67% | 0.78% | 0.90% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Bruno, Minnesota
In Bruno, 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 Pine 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 Bruno, 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 Bruno helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55712 has the highest and lowest median tax bill at $868.
Average Bruno Assessed Value
$130,250
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bruno, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55712 | $22,250 | $62,125 | $130,250 | $237,125 | $368,450 |
Source: Ownwell
Property Tax Bills Across Bruno, Minnesota
In Bruno, located in Pine County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $130,250, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $426, while at the 75th percentile, it rises to $1,709, and at the 90th percentile, it can be as high as $2,745. These figures illustrate the range of property tax responsibilities within the area. The highest and lowest median tax bills in Pine County are both $868, indicating a relatively uniform distribution of tax burdens across different zip codes. Compared to the national median property tax rate of 0.99%, Bruno's property tax rates can significantly impact homeowners, influencing their overall financial planning and homeownership costs.
Average Bruno Tax Bill
$868
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruno, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55712 | $119 | $426 | $868 | $1,709 | $2,745 |
Source: Ownwell