Burtrum, Minnesota Property Taxes
The median property tax rate in Burtrum, MN is 0.89%, 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 $232,400, the typical annual property tax bill amounts to $1,814, well below the national median of $2,690. Property taxes in Burtrum are calculated based on the tax assessed value, often lower than the market value due to various exemptions like those for primary residences and agricultural properties. 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 Todd County, 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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burtrum is 0.89%, which is lower than both the Minnesota state median and 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 0.89%. Understanding how these cities compare with Burtrum provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burtrum Tax Rate
0.89%
Average Todd County Tax Rate
0.88%
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 | 0.64% | 0.82% | 0.89% | 1.02% | 1.17% |
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 Todd 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 $232,400, with tax bills ranging from $825 at the 25th percentile to $4,327 at the 90th percentile. The highest and lowest median tax bills are both $1,814, found in the 56318 zip code. 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
$232,400
Average Todd County Assessed Value
$198,400
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 | $32,840 | $94,350 | $232,400 | $364,400 | $502,600 |
Source: Ownwell
Property Tax Bills Across Burtrum, Minnesota
In Burtrum, located in Todd 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 the county assessor, who evaluates the property's market value. The local tax rate is then applied to this assessed value. Burtrum's property tax rate is influenced by various factors, including local government budgets and funding needs for public services such as schools and infrastructure. Homeowners in Burtrum see a range of property tax bills. For example, the 25th percentile tax bill is around $825, while the 75th percentile reaches $3,041, and the 90th percentile can go up to $4,327. Comparatively, the national median property tax rate is 0.99%, making Burtrum's rates relatively moderate. This variability in tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Burtrum Tax Bill
$1,814
Average Todd County Tax Bill
$1,544
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 | $276 | $825 | $1,814 | $3,041 | $4,327 |
Source: Ownwell