Brandon, Minnesota Property Taxes
The median property tax rate in Brandon, MN is 0.79%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brandon, the typical annual property tax bill reaches $1,804, which is below the national median of $2,690. Property taxes in Brandon 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 Brandon'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 Brandon 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
Brandon, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,371
Ownwell’s Brandon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brandon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brandon 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 Otter Tail County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Brandon, Minnesota
Property taxes in Brandon, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brandon is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Brandon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brandon 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 Brandon's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56315 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Brandon provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brandon Tax Rate
0.79%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brandon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56315 | 0.26% | 0.56% | 0.79% | 0.92% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Brandon, Minnesota
In Brandon, 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 Otter Tail 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 Brandon, 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 Brandon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56315, with a median tax bill of $1804.
Average Brandon Assessed Value
$300,100
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brandon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56315 | $129,630 | $180,600 | $300,100 | $441,350 | $541,470 |
Source: Ownwell
Property Tax Bills Across Brandon, Minnesota
In Brandon, Otter Tail County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by local assessors who estimate the market value of the property. This value is then multiplied by the tax rate set by local government entities to determine the annual property tax bill. For instance, with a median home price of $300,100, homeowners in Brandon can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,506, while at the 75th percentile, they reach approximately $2,796. The 90th percentile sees tax bills as high as $3,353. These figures indicate that while some homeowners may pay less than the national median property tax rate of 0.99%, others may pay significantly more, impacting their overall cost of homeownership. This variability underscores the importance of understanding local property tax assessments and rates, as they can considerably affect annual expenses for homeowners in Brandon.
Average Brandon Tax Bill
$1,804
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brandon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56315 | $1,183 | $1,506 | $1,804 | $2,796 | $3,353 |
Source: Ownwell