Brookston, Minnesota Property Taxes
The median property tax rate in Brookston, MN is 0.98%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brookston at $86,800, the typical annual property tax bill reaches $760, which is significantly lower than the national median of $2,690. Property taxes in Brookston are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brookston'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 Brookston 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
Brookston, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$851
Ownwell’s Brookston Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Brookston. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Brookston to provide an accurate property tax bill estimate. This valuable resource helps you grasp potential tax liabilities with ease. For those curious about neighborhood-specific trends, more localized information is available as you scroll down. Your property’s assessed value, determined by St. Louis County, plays a crucial role in these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Brookston, Minnesota
Property taxes in Brookston, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookston is 0.98%, slightly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Brookston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookston 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 Brookston's effective property tax rate to other regions in Minnesota and the national median. For comparison, the 55711 zip code has a median property tax rate of 0.98%, which is consistent across the board. Understanding how these areas compare with Brookston 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 Brookston Tax Rate
0.98%
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 Brookston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55711 | 0.56% | 0.79% | 0.98% | 1.12% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Brookston, Minnesota
In Brookston, 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 Assessor 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 Brookston, 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 Brookston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $760.00 in zip code 55711, which offers a benchmark for evaluating your own property tax situation.
Average Brookston Assessed Value
$86,800
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 Brookston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55711 | $3,700 | $40,900 | $86,800 | $177,350 | $247,860 |
Source: Ownwell
Property Tax Bills Across Brookston, Minnesota
Property tax bills in Brookston, located in St. Louis County, MN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value and applies a specific assessment ratio. For homeowners in Brookston, the median home price stands at $86,800. Local tax rates are applied to the assessed value to determine the annual tax bill. In Brookston, the 25th percentile tax bill is $356, while the 75th percentile tax bill reaches $1,586. The 90th percentile tax bill can go as high as $2,230. These figures indicate considerable variability in tax bills, reflecting differences in property values and possibly local tax rates. Homeowners in Brookston should be aware that their property tax bills can significantly impact their annual expenses. Understanding how the assessed value and local tax rates contribute to the final tax bill can help homeowners better manage their finances and plan for future tax obligations.
Average Brookston Tax Bill
$760
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 Brookston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55711 | $64 | $356 | $760 | $1,586 | $2,230 |
Source: Ownwell