Burtrum, Minnesota Property Taxes
The median property tax rate in Burtrum, MN is 0.81%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Burtrum at $302,700, the typical annual property tax bill is $2,106, falling below the national median of $2,690. Property taxes in Burtrum 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 Burtrum'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 Burtrum 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
Burtrum, 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 Burtrum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burtrum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burtrum 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 Burtrum, Minnesota
Property taxes in Burtrum, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burtrum is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Burtrum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burtrum 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 Burtrum's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56318 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Burtrum provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burtrum Tax Rate
0.81%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burtrum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56318 | 0.41% | 0.62% | 0.81% | 0.91% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Burtrum, Minnesota
In Burtrum, 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 Morrison 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 Burtrum, 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. The median home price in Burtrum is $302,700, with tax bills ranging from $1,153 at the 25th percentile to $3,842 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 Burtrum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burtrum Assessed Value
$302,700
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burtrum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56318 | $56,640 | $178,500 | $302,700 | $433,900 | $586,320 |
Source: Ownwell
Property Tax Bills Across Burtrum, Minnesota
In Burtrum, located in Morrison County, MN, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the county assessor. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $302,700, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,153, while the 75th percentile reaches up to $3,160. At the 90th percentile, the tax bill can be as high as $3,842. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the rates in Burtrum can lead to varying financial impacts on homeowners. Higher property tax bills can affect affordability and housing costs, making it crucial for homeowners to understand how their tax liabilities are calculated and what factors contribute to them.
Average Burtrum Tax Bill
$2,106
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Burtrum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56318 | $536 | $1,153 | $2,106 | $3,160 | $3,842 |
Source: Ownwell