Clearbrook, Minnesota Property Taxes
The median property tax rate in Clearbrook, MN is 0.92%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clearbrook at $236,000, the typical annual property tax bill is $2,486, slightly below the national median of $2,690. Property taxes in Clearbrook are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Clearbrook'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 Clearbrook or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clearbrook, 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 Clearbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clearbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clearbrook 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 Clearbrook, Minnesota
Property taxes in Clearbrook, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clearbrook is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Clearbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clearbrook 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 Clearbrook's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56634 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Clearbrook provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clearbrook Tax Rate
0.92%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clearbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56634 | 0.48% | 0.64% | 0.92% | 1.12% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Clearbrook, Minnesota
In Clearbrook, 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 Polk 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 Clearbrook, 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. The median home price in Clearbrook is $236,000, with tax bills ranging from $1,838 at the 25th percentile to $4,432 at the 90th percentile. Notably, the zip code 56634 has both the highest and lowest median tax bill at $2,486. By understanding 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 Clearbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Clearbrook Assessed Value
$236,000
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clearbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56634 | $195,360 | $210,750 | $236,000 | $364,425 | $565,530 |
Source: Ownwell
Property Tax Bills Across Clearbrook, Minnesota
In Clearbrook, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. This assessed value is then multiplied by the local tax rate, which varies by jurisdiction. For instance, the median home price in Clearbrook is $236,000, and the property tax rate in Polk County plays a crucial role in determining the final tax bill. Homeowners in Clearbrook can expect their property tax bills to fall within a range, with the 25th percentile paying around $1,838 and the 75th percentile paying up to $3,379. Those in the 90th percentile might see bills as high as $4,432. These values are notably influenced by the local property tax rate and the home's assessed value. Comparatively, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding how Clearbrook's rates stack up. This system ensures that tax contributions are proportional to property values, impacting homeowners' financial planning and community funding.
Average Clearbrook Tax Bill
$2,486
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clearbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56634 | $1,227 | $1,838 | $2,486 | $3,379 | $4,432 |
Source: Ownwell