Bricelyn, Minnesota Property Taxes
The median property tax rate in Bricelyn, MN is 0.94%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bricelyn at $79,100, the typical annual property tax bill is $784, which is significantly less than the national median of $2,690. Property taxes in Bricelyn are calculated based on the assessed value, which often falls below market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bricelyn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bricelyn or another part of Faribault County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bricelyn, 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 Bricelyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bricelyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bricelyn 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 Bricelyn, Minnesota
Property taxes in Bricelyn, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bricelyn is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Bricelyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bricelyn 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 Bricelyn's effective property tax rate to other areas in Faribault County and the national median. For comparison, the zip code 56014 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Bricelyn provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bricelyn Tax Rate
0.94%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bricelyn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56014 | 0.43% | 0.68% | 0.94% | 1.40% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Bricelyn, Minnesota
In Bricelyn, 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 Faribault 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 Bricelyn, 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 Bricelyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $784, found in zip code 56014.
Average Bricelyn Assessed Value
$79,100
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bricelyn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56014 | $10,680 | $39,600 | $79,100 | $158,000 | $311,940 |
Source: Ownwell
Property Tax Bills Across Bricelyn, Minnesota
In Bricelyn, located in Faribault County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local government assessors who evaluate the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Bricelyn, the median home price stands at $79,100. Property tax bills in the city vary, with the 25th percentile at $485 and the 75th percentile at $1,278. The 90th percentile tax bill can go up to $2,064. These figures show significant variation, highlighting the impact of property values and local tax rates on individual tax bills. Comparatively, the national median property tax rate is 0.99%, making Bricelyn's tax environment relatively moderate. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Bricelyn Tax Bill
$784
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bricelyn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56014 | $110 | $485 | $784 | $1,278 | $2,064 |
Source: Ownwell