North Branch, Minnesota Property Taxes
The median property tax rate in North Branch, MN is 1.23%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in North Branch, the typical annual property tax bill reaches $3,448, exceeding the national median of $2,690. Property taxes in North Branch 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 North Branch'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 North Branch 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
North Branch, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$3,550
Ownwell’s North Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Branch 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 North Branch, Minnesota
Property taxes in North Branch, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Branch is 1.23%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within North Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Branch 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 North Branch's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55056 has both the highest and the lowest median property tax rate of 1.23%. Understanding how these areas compare with North Branch 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 North Branch Tax Rate
1.23%
Average Chisago County Tax Rate
1.18%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Branch, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55056 | 0.91% | 1.13% | 1.23% | 1.26% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across North Branch, Minnesota
In North Branch, 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 North Branch, 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 North Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,448 in the 55056 zip code, while the lowest median tax bill is also $3,448 in the same zip code.
Property Tax Assessment Values Across North Branch, Minnesota
Source: Ownwell
$231,300
$344,450
$457,600
Average North Branch Assessed Value
$288,600
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 North Branch, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55056 | $52,200 | $217,575 | $288,600 | $356,175 | $447,130 |
Source: Ownwell
Property Tax Bills Across North Branch, Minnesota
In North Branch, property tax bills are determined by multiplying the assessed value of a home by the local tax rate set by Chisago County. The assessed value is typically a percentage of the market value of the property, which can fluctuate based on real estate trends and local economic conditions. For instance, with a median home price of $288,600, homeowners in this area can expect varying tax bills. The tax bill for the 25th percentile is around $2,442, while those in the 75th percentile pay approximately $4,238. At the higher end, the 90th percentile tax bill reaches $5,233. These figures show a range of tax obligations, reflecting differences in property values and specific local tax rates. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, the rates in North Branch can be higher, which underscores the importance of staying informed about local tax policies and potential exemptions.
Average North Branch Tax Bill
$3,448
Average Chisago County Tax Bill
$3,492
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across North Branch, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55056 | $537 | $2,442 | $3,448 | $4,238 | $5,233 |
Source: Ownwell