Barrett, Minnesota Property Taxes
The median property tax rate in Barrett, MN is 0.82%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Barrett, the typical annual property tax bill amounts to $1,544, significantly below the national median of $2,690. Property taxes in Barrett are calculated 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. Understanding Barrett'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 Barrett or another part of Grant County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barrett, 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 Barrett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barrett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barrett 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 Barrett, Minnesota
Property taxes in Barrett, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barrett is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Barrett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barrett 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 Barrett's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56311 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Barrett provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barrett Tax Rate
0.82%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barrett, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56311 | 0.35% | 0.60% | 0.82% | 1.25% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Barrett, Minnesota
In Barrett, 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 Grant 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 Barrett, 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 Barrett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Barrett is $180,400. Homeowners in the 25th percentile can expect a tax bill of $714, while those in the 75th percentile face $2,536. The highest and lowest median tax bills are both $1,544 in the 56311 zip code.
Average Barrett Assessed Value
$180,400
Average Grant County Assessed Value
$166,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barrett, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56311 | $37,200 | $78,600 | $180,400 | $314,500 | $512,600 |
Source: Ownwell
Property Tax Bills Across Barrett, Minnesota
In Barrett, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Barrett is $180,400. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and local government budgets influence the assessed value. Homeowners in Barrett experience a range of property tax bills. At the 25th percentile, the tax bill is $714, while at the 75th percentile, it rises to $2,536. The 90th percentile sees tax bills as high as $3,500. Compared to the national median property tax rate of 0.99%, Barrett's property taxes can vary significantly, impacting household budgets differently. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly. Accurate assessments ensure fair taxation, reflecting the true market value of properties and contributing to local public services and infrastructure.
Average Barrett Tax Bill
$1,544
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Barrett, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56311 | $322 | $714 | $1,544 | $2,536 | $3,500 |
Source: Ownwell