Rice, Minnesota Property Taxes
The median property tax rate in Rice, MN is 0.80%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rice at $255,800, the typical annual property tax bill reaches $2,024, falling below the national median of $2,690. Property taxes in Rice are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. 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 the city, 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
0.8%
Estimate Property Tax Bill
$2,046
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice is 0.80%, lower than both the Minnesota state median and 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 56367 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Rice provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rice Tax Rate
0.80%
Average Morrison County Tax Rate
0.85%
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 | 0.58% | 0.67% | 0.80% | 0.88% | 0.90% |
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 Morrison 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 Rice, 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 Rice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rice are both $2024, found in the zip code 56367.
Average Rice Assessed Value
$255,800
Average Morrison County Assessed Value
$210,400
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 | $167,060 | $233,450 | $255,800 | $364,050 | $397,420 |
Source: Ownwell
Property Tax Bills Across Rice, Minnesota
Property tax bills in Rice, located in Morrison County, MN, are calculated based on the assessed value of a property, which is determined by local assessors. These assessors evaluate the market value of homes, taking into account factors such as location, property size, and condition. Once the market value is established, the assessed value is calculated, typically as a percentage of the market value. For homeowners in Rice, the median home price is $255,800. Property tax rates in Morrison County are applied to this assessed value to determine the annual tax bill. The 25th percentile of tax bills in Rice is $1,567, while the 75th percentile reaches $3,218, and the 90th percentile goes up to $3,597. These figures indicate that property taxes can vary significantly based on property value and specific local factors. Comparatively, the national median property tax rate is 0.99%, making Rice's property tax rates relatively moderate. Homeowners need to be aware of these costs as they impact overall housing affordability and long-term financial planning.
Average Rice Tax Bill
$2,024
Average Morrison County Tax Bill
$1,722
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 | $1,129 | $1,567 | $2,024 | $3,218 | $3,597 |
Source: Ownwell