Brooklyn Park, Minnesota Property Taxes
The median property tax rate in Brooklyn Park, MN is 1.29%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brooklyn Park, the typical annual property tax bill reaches $3,468, exceeding the national median of $2,690. Property taxes in Brooklyn Park 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 Brooklyn Park'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 Brooklyn Park 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
Brooklyn Park, 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 Brooklyn Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooklyn Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooklyn Park 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 Brooklyn Park, Minnesota
Property taxes in Brooklyn Park, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooklyn Park is 1.29%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Brooklyn Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooklyn Park 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 Brooklyn Park's effective property tax rate to other areas in Hennepin County and the national median. For comparison, the 55443 zip code has the highest median property tax rate of 1.60%, while the 55428 zip code has the lowest median tax rate of 1.26%. Understanding how these cities compare with Brooklyn Park provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooklyn Park Tax Rate
1.29%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooklyn Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55428 | 1.24% | 1.25% | 1.26% | 1.27% | 1.57% |
| 55429 | 1.27% | 1.27% | 1.29% | 1.30% | 1.31% |
| 55443 | 1.49% | 1.57% | 1.60% | 1.64% | 1.81% |
| 55444 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Brooklyn Park, Minnesota
In Brooklyn Park, 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 Hennepin 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 Brooklyn Park, 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. For instance, homeowners in zip code 55443 face the highest median tax bill at $5,471, while those in zip code 55429 see the lowest at $3,442. 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 Brooklyn Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Brooklyn Park, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Brooklyn Park Assessed Value
$273,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooklyn Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55428 | $229,600 | $246,850 | $273,000 | $282,350 | $293,200 |
| 55429 | $267,800 | $267,950 | $268,200 | $282,600 | $291,240 |
| 55443 | $186,780 | $187,500 | $354,100 | $367,500 | $383,940 |
| 55444 | $272,400 | $272,400 | $272,400 | $272,400 | $272,400 |
Source: Ownwell
Property Tax Bills Across Brooklyn Park, Minnesota
In Brooklyn Park, Hennepin County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property’s market value determined by the county assessor. Factors such as property size, location, and improvements can influence this assessed value. Brooklyn Park's property tax rate is slightly above the national median of 0.99%, resulting in varying tax bills across the city. Homeowners in Brooklyn Park can expect tax bills that range significantly. For instance, the tax bill at the 25th percentile is approximately $3,085, while at the 75th percentile, it rises to about $4,890. At the higher end, the 90th percentile tax bill reaches $5,798. The highest median tax bill in the city is $5,471 in the 55443 zip code, whereas the lowest median tax bill is $3,442 in the 55429 zip code. These tax bills can impact homeowners' budgets, influencing decisions on homeownership and property investments in the area.
Average Brooklyn Park Tax Bill
$3,468
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooklyn Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55428 | $2,829 | $3,079 | $3,446 | $3,683 | $4,402 |
| 55429 | $3,392 | $3,410 | $3,442 | $3,667 | $3,803 |
| 55443 | $3,060 | $3,070 | $5,471 | $5,638 | $6,507 |
| 55444 | $3,509 | $3,509 | $3,509 | $3,509 | $3,509 |
Source: Ownwell