Rice County, Minnesota Property Taxes

Name: Property Tax Bills Across Rice County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Rice County effective property tax rate: 0.89%, significantly lower than the national median of 1.02%.
Median Rice County home value: $294,900
Median annual Rice County tax bill: $2,471, $71 higher than the national median property tax bill of $2,400.

How are property taxes in Rice County calculated?

Property taxes in Rice County are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding your county's property tax system, exemptions, and reduction opportunities can lead to significant savings. Whether you live in Faribault or another part of Rice County, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Rice County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.89%

Estimate Property Tax Bill

$2,625

$2,436

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. By entering your property's estimated assessed value, our calculator applies Rice County’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Rice County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Rice County, Minnesota

Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget annually to provide services and dividing that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell. Below, you can compare Rice County's effective property tax rate to other counties in Minnesota or the U.S. median property tax rate. Rice County has a median property tax rate of 0.89%, which is below the national median of 1.02%. Within the county, Northfield has the highest median property tax rate at 1.22%, while Kenyon boasts the lowest at 0.40%. This range highlights the diversity in tax rates within the same county, reflecting the unique budgetary needs and property values of each area.

Property Tax Rates Across Rice County, Minnesota

Source: Ownwell

0.40%

0.81%

1.22%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Rice County Tax Rate

0.89%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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

When examining property taxes in Rice County, understanding the distinction between "market value" and "assessed value" is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Rice County Assessor's Office estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Rice County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April.

Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Rice County.

For example, the median tax bill in Rice County is $2,400, with tax bills ranging significantly across the county. New Prague has the highest median home price at $498,700.

Property Tax Assessment Values Across Rice County, Minnesota

Source: Ownwell

$209,200

$353,950

$498,700

Median Rice County Market Value

$294,900

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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 determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the home's estimated market value, and this rate is set by local taxing authorities. For homeowners in Rice County, the median home price is $294,900, which influences the tax bill considerably. The tax bill varies widely across the county, with the 25th percentile paying about $1,466 and the 75th percentile facing a bill of $3,648. Those in the 90th percentile see tax bills as high as $4,930. Northfield stands out with the highest median tax bill of $3,732, while Warsaw offers some relief with the lowest median tax bill at $1,145. Compared to the national median property tax rate of 1.02% and a median bill of $2,400, Rice County presents a diverse range of tax obligations. These taxes fund essential local services like schools, roads, and emergency services, directly impacting the quality of life for homeowners.

Property Tax Bills Across Rice County, Minnesota

Source: Ownwell

$1,145

$2,439

$3,732

Median Rice County Tax Bill

$2,471

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
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	N/A	N/A	N/A	N/A	N/A
Waterville	$175	$648	$1,493	$2,294	$2,972
Webster	$635	$1,906	$3,064	$4,529	$5,839

Source: Ownwell