Breckenridge, Minnesota Property Taxes
The median property tax rate in Breckenridge, MN is 0.97%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Breckenridge, the typical annual property tax bill reaches $1,477, which is significantly below the national median of $2,690. Property taxes in Breckenridge 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 Breckenridge'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 Breckenridge 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
Breckenridge, 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 Breckenridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Breckenridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Breckenridge 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 Breckenridge, Minnesota
Property taxes in Breckenridge, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Breckenridge is 1.21%, higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Breckenridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Breckenridge 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 Breckenridge's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56520 has the highest median property tax rate of 1.21%, while the same zip code has the lowest median tax rate of 1.21%. Understanding how these areas compare with Breckenridge provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Breckenridge Tax Rate
0.97%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Breckenridge, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56520 | 0.69% | 0.81% | 0.97% | 1.09% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Breckenridge, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Breckenridge, Minnesota. 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 Wilkin 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 Breckenridge, 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 instance, the median home price is $162,750, with tax bills ranging from $906 at the 25th percentile to $3,414 at the 90th percentile. The zip code 56520 has the highest and lowest median tax bill at $1,477. Understanding these valuation processes helps property owners identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Breckenridge Assessed Value
$162,750
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Breckenridge, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56520 | $59,630 | $104,425 | $162,750 | $249,500 | $350,300 |
Source: Ownwell
Property Tax Bills Across Breckenridge, Minnesota
Property tax bills in Breckenridge, located in Wilkin County, MN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the estimated market value of the property. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the property. For example, the median home price in Breckenridge is $162,750, and property tax bills can vary significantly. Homeowners at the 25th percentile pay around $906 annually, while those at the 75th percentile face bills of approximately $2,318. At the 90th percentile, tax bills can reach up to $3,414. These property taxes fund essential local services such as schools, public safety, and infrastructure. While the national median property tax rate is 0.99%, the specific rates in Breckenridge contribute to the overall tax burden faced by homeowners, impacting their financial planning and property investment decisions.
Average Breckenridge Tax Bill
$1,477
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Breckenridge, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56520 | $454 | $906 | $1,477 | $2,318 | $3,414 |
Source: Ownwell