Rice, Minnesota Property Taxes
The median property tax rate in Rice, MN is 0.95%, slightly lower than the national median of 0.99% and also lower than the Minnesota state median of 1.11%. With a median home value of $260,500 in Rice, the typical annual property tax bill amounts to $2,396, which is below the national median of $2,690. Property taxes in Rice are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Rice'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 Rice or another part of Benton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rice, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$2,475
Ownwell’s Rice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rice 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 Rice, Minnesota
Property taxes in Rice, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Rice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rice 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 Rice's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56367 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Rice provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rice Tax Rate
0.95%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rice, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56367 | 0.62% | 0.87% | 0.95% | 1.02% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Rice, Minnesota
In Rice, 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 Benton 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. 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, in Rice, the median home price is $260,500, with tax bills ranging from $919 at the 25th percentile to $4,312 at the 90th percentile. The highest and lowest median tax bills both stand at $2,396 in the 56367 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rice Assessed Value
$260,500
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rice, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56367 | $15,800 | $133,950 | $260,500 | $357,400 | $507,600 |
Source: Ownwell
Property Tax Bills Across Rice, Minnesota
In Rice, located in Benton County, MN, property tax bills are determined by a combination of the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which in Rice, has a median home price of $260,500. The local tax rate is applied to this assessed value to calculate the tax bill. Homeowners in Rice can expect a wide range of tax bills. For instance, those in the 25th percentile might pay around $919, while those in the 75th percentile could see bills as high as $3,244. At the 90th percentile, tax bills can reach up to $4,312. These variations depend on factors such as property location, improvements, and market trends. Compared to the national median property tax rate of 0.99%, Rice's tax rates may seem relatively moderate, yet they significantly impact homeowners' annual budgets. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Rice Tax Bill
$2,396
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rice, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56367 | $156 | $919 | $2,396 | $3,244 | $4,312 |
Source: Ownwell