Rice County Property Taxes
The median property tax rate in Rice County is 0.89%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $294,900 in Rice County, the typical annual property tax bill amounts to $2,471, which is below the national median of $2,690. Property taxes in Rice County are calculated based on the tax assessed value, which is generally lower than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Rice County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Faribault or another part of Rice County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rice County 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 Rice County Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rice County with just two data points. Simply enter your property's estimated assessed value, and our calculator applies the median tax rate in Rice County to provide an estimate of your property tax bill. This tool offers valuable insights into potential tax liabilities. For more localized data, including city-specific trends, scroll down to navigate to a more detailed informational page. Your property's assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Rice County, Minnesota
Property taxes in Rice County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Rice County is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Rice County set these rates annually, and they can vary significantly between different areas within the county. Each year, Rice County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Rice County's effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Northfield has one of the higher property tax rates in Minnesota at 1.22%, while the city of Kenyon boasts one of the lowest at 0.40%. Analyzing how Rice County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rice County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dennison | 0.23% | 0.32% | 0.62% | 0.83% | 1.17% |
| Dundas | 0.24% | 0.69% | 1.10% | 1.18% | 1.23% |
| Elko | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
| Elko New Market | 0.28% | 0.41% | 0.65% | 0.75% | 0.79% |
| Faribault | 0.43% | 0.62% | 0.83% | 0.93% | 1.02% |
| Kenyon | 0.19% | 0.24% | 0.40% | 0.60% | 0.65% |
| Kilkenny | 0.24% | 0.31% | 0.60% | 0.70% | 0.74% |
| Lakeville | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Lonsdale | 0.29% | 0.67% | 1.00% | 1.07% | 1.16% |
| Medford | 0.22% | 0.37% | 0.56% | 0.71% | 0.76% |
| Montgomery | 0.27% | 0.32% | 0.51% | 0.72% | 0.78% |
| Morristown | 0.23% | 0.50% | 0.68% | 1.09% | 1.25% |
| Nerstrand | 0.23% | 0.43% | 0.64% | 0.85% | 0.96% |
| New Prague | 0.24% | 0.35% | 0.65% | 0.75% | 0.80% |
| Northfield | 0.80% | 1.02% | 1.22% | 1.30% | 1.38% |
| Warsaw | 0.46% | 0.51% | 0.56% | 0.61% | 0.68% |
| Waseca | 0.22% | 0.22% | 0.23% | 0.26% | 0.46% |
| Waterville | 0.22% | 0.29% | 0.56% | 0.67% | 0.74% |
| Webster | 0.28% | 0.55% | 0.77% | 0.90% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Rice County, Minnesota
In Rice County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Rice County Appraisal District. The assessed value, however, 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 in Rice County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Northfield has the highest median tax bill at $3,732, while Elko has the lowest at $854. Being aware of these valuation processes in Rice County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rice County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dennison | $66,960 | $198,000 | $371,100 | $601,100 | $960,220 |
| Dundas | $199,810 | $242,850 | $338,450 | $444,525 | $574,060 |
| Elko | $328,800 | $328,800 | $328,800 | $328,800 | $328,800 |
| Elko New Market | $236,960 | $392,800 | $475,700 | $689,200 | $971,000 |
| Faribault | $87,900 | $173,650 | $245,700 | $357,700 | $528,180 |
| Kenyon | $176,720 | $289,275 | $424,300 | $816,550 | $1,589,520 |
| Kilkenny | $61,880 | $222,100 | $360,600 | $498,000 | $756,200 |
| Lakeville | $262,300 | $262,300 | $262,300 | $262,300 | $262,300 |
| Lonsdale | $176,000 | $258,475 | $323,750 | $399,275 | $545,950 |
| Medford | $279,700 | $380,450 | $474,300 | $698,400 | $1,477,420 |
| Montgomery | $147,780 | $305,150 | $443,900 | $638,250 | $889,720 |
| Morristown | $24,340 | $147,350 | $249,250 | $415,900 | $694,910 |
| Nerstrand | $88,000 | $203,150 | $347,300 | $544,650 | $833,240 |
| New Prague | $211,100 | $353,450 | $498,700 | $640,975 | $824,150 |
| Northfield | $181,040 | $249,100 | $327,800 | $421,300 | $545,480 |
| Warsaw | $104,140 | $185,775 | $209,200 | $248,550 | $305,730 |
| Waseca | $36,060 | $77,750 | $339,700 | $542,450 | $732,540 |
| Waterville | $26,380 | $172,500 | $311,500 | $483,300 | $866,400 |
| Webster | $173,700 | $297,825 | $435,800 | $605,975 | $793,150 |
Source: Ownwell
Property Tax Bills Across Rice County, Minnesota
In Rice County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $294,900 in the county, homeowners can expect varying tax bills depending on the exact valuation of their property. Several factors influence the final tax bill, including property location, market conditions, and any applicable exemptions. For example, homeowners in Northfield face the highest median tax bill of $3,732, whereas those in Elko benefit from the lowest median tax bill at $854. Compared to the national median property tax rate of 0.99%, Rice County's tax rates may seem higher or lower depending on specific circumstances. This variance significantly impacts homeowners, as higher property taxes can affect affordability and overall cost of living, while lower taxes can offer financial relief.
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rice County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dennison | $162 | $872 | $2,322 | $3,585 | $4,930 |
| Dundas | $756 | $2,127 | $3,079 | $4,172 | $5,281 |
| Elko | $854 | $854 | $854 | $854 | $854 |
| Elko New Market | $1,650 | $2,134 | $3,110 | $3,812 | $4,485 |
| Faribault | $341 | $1,240 | $1,896 | $2,684 | $3,656 |
| Kenyon | $548 | $1,298 | $2,059 | $3,026 | $4,709 |
| Kilkenny | $216 | $746 | $1,855 | $2,900 | $3,575 |
| Lakeville | $2,064 | $2,064 | $2,064 | $2,064 | $2,064 |
| Lonsdale | $596 | $2,008 | $3,040 | $3,712 | $4,580 |
| Medford | $1,362 | $1,710 | $2,758 | $3,813 | $4,348 |
| Montgomery | $446 | $1,308 | $2,262 | $3,332 | $4,670 |
| Morristown | $193 | $865 | $1,866 | $2,674 | $3,463 |
| Nerstrand | $342 | $1,356 | $2,060 | $3,095 | $4,254 |
| New Prague | $615 | $1,629 | $2,749 | $4,014 | $5,117 |
| Northfield | $1,208 | $2,740 | $3,732 | $4,850 | $6,122 |
| Warsaw | $452 | $964 | $1,145 | $1,472 | $2,185 |
| Waseca | $168 | $445 | $1,294 | $1,956 | $2,198 |
| Waterville | $175 | $648 | $1,493 | $2,294 | $2,972 |
| Webster | $635 | $1,906 | $3,064 | $4,529 | $5,839 |
Source: Ownwell