North Branch, Minnesota Property Taxes
The median property tax rate in North Branch, MN is 0.86%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $348,000 in North Branch, the typical annual property tax bill reaches $2,717, slightly surpassing the national median of $2,690. Property taxes in North Branch are calculated based on the tax assessed value, which often 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 Isanti County, 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
0.86%
Estimate Property Tax Bill
$2,993
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Branch is 1.06%, higher than both the Minnesota state median of 1.05% 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 counties in Minnesota and the national median. For comparison, the 55056 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with North Branch provides valuable insights into the varying tax landscape across Isanti County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Branch Tax Rate
0.86%
Average Isanti County Tax Rate
0.95%
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 | 0.33% | 0.55% | 0.86% | 0.90% | 0.95% |
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 Isanti 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. For example, the median home price in North Branch is $348,000, with tax bills ranging from $1,778 at the 25th percentile to $4,828 at the 90th percentile. 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.
Average North Branch Assessed Value
$348,000
Average Isanti County Assessed Value
$289,100
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 | $145,500 | $257,300 | $348,000 | $469,600 | $598,900 |
Source: Ownwell
Property Tax Bills Across North Branch, Minnesota
Property tax bills in North Branch, located in Isanti County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For North Branch, the median home price is $348,000. The property's assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence this calculation, including property improvements, neighborhood trends, and overall market conditions. Homeowners in North Branch can expect a wide range of tax bills. For example, the 25th percentile tax bill is $1,778, while the 75th percentile tax bill is $3,630, and the 90th percentile tax bill reaches $4,828. These figures indicate the variability in tax burdens based on property values and local assessments. Comparatively, North Branch's property tax bills are influenced by the local tax rate and assessed values, which can vary significantly from the national median property tax rate of 0.99%. This variability can significantly impact homeowners' financial planning and overall housing costs.
Average North Branch Tax Bill
$2,717
Average Isanti County Tax Bill
$2,982
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 | $431 | $1,778 | $2,717 | $3,630 | $4,828 |
Source: Ownwell