Faribault, Minnesota Property Taxes
The median property tax rate in Faribault, MN is 0.45%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Faribault at $366,000, the typical annual property tax bill reaches $3,074, exceeding the national median of $2,690. Property taxes in Faribault 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 Faribault'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 Faribault 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
Faribault, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,647
Ownwell’s Faribault Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Faribault with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Faribault to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Faribault, Minnesota
Property taxes in Faribault, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Faribault is 0.45%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Faribault set these rates annually, and they can vary across different neighborhoods. Each year, Faribault 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 Faribault's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55021 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Faribault provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faribault Tax Rate
0.45%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faribault, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | 0.24% | 0.28% | 0.45% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Faribault, Minnesota
In Faribault, 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 Steele 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 Faribault, 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 Faribault helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55021 has the highest median tax bill at $3,074, which is above the national median property tax rate of 0.99%.
Average Faribault Assessed Value
$366,000
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faribault, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $148,500 | $277,500 | $366,000 | $701,500 | $1,459,100 |
Source: Ownwell
Property Tax Bills Across Faribault, Minnesota
Property tax bills in Faribault, located in Steele County, MN, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is then adjusted based on state and local guidelines. Several factors influence the final tax bill, including property size, location, and improvements made to the property. In Faribault, the median home price is $366,000, with property tax bills ranging widely. For example, the 25th percentile tax bill is $1,604, while the 75th percentile tax bill is $3,525, and the 90th percentile tax bill reaches $4,444. The highest median tax bill in the area is $3,074, recorded in the zip code 55021. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly affecting homeowners by contributing to the overall quality of life in the community. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Faribault Tax Bill
$3,074
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Faribault, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $460 | $1,604 | $3,074 | $3,525 | $4,444 |
Source: Ownwell