Brooten, Minnesota Property Taxes
The median property tax rate in Brooten, MN is 0.55%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Brooten at $348,000, the typical annual property tax bill reaches $1,810, significantly below the national median of $2,690. Property taxes in Brooten 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 Brooten'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 Brooten or another part of Pope County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brooten, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,914
Ownwell’s Brooten Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooten with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooten 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 Brooten, Minnesota
Property taxes in Brooten, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooten is 0.55%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Brooten set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooten 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 Brooten's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56316 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Brooten provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooten Tax Rate
0.55%
Average Pope County Tax Rate
0.66%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooten, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56316 | 0.28% | 0.45% | 0.55% | 0.65% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Brooten, Minnesota
In Brooten, 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 local 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 Brooten, 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 Brooten helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Brooten are both $1810, found in the 56316 zip code.
Average Brooten Assessed Value
$348,000
Average Pope County Assessed Value
$275,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooten, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56316 | $107,600 | $208,400 | $348,000 | $509,800 | $785,060 |
Source: Ownwell
Property Tax Bills Across Brooten, Minnesota
In Brooten, located in Pope County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $348,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the tax bill, including property characteristics, market conditions, and any applicable exemptions. Homeowners in Brooten see tax bills ranging from $1,222 at the 25th percentile to $3,233 at the 90th percentile, reflecting the diversity in property values and assessments within the area. These property taxes significantly impact homeowners, as they represent a considerable annual expense. Compared to the national median property tax rate of 0.99%, Brooten's tax bills are competitive, offering a relatively balanced financial obligation for homeowners while supporting local services and infrastructure.
Average Brooten Tax Bill
$1,810
Average Pope County Tax Bill
$1,948
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooten, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56316 | $714 | $1,222 | $1,810 | $2,414 | $3,233 |
Source: Ownwell