Faribault, Minnesota Property Taxes
The median property tax rate in Faribault, MN is 0.83%, notably 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 $245,700, the typical annual property tax bill amounts to $1,896, falling below the national median of $2,690. Property taxes in Faribault are calculated based on the tax assessed value, which often 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
0.83%
Estimate Property Tax Bill
$2,039
Ownwell’s Faribault Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 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 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 0.83%, which is 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 significantly 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 55021 zip code has the highest median property tax rate of 0.83%, while the same 55021 zip code also has the lowest median tax rate of 0.83%. 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
0.83%
Average Rice County Tax Rate
0.89%
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 | 0.43% | 0.62% | 0.83% | 0.93% | 1.02% |
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 Rice 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 both the highest and lowest median tax bill of $1,896.
Average Faribault Assessed Value
$245,700
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 Faribault, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $87,900 | $173,650 | $245,700 | $357,700 | $528,180 |
Source: Ownwell
Property Tax Bills Across Faribault, Minnesota
In Faribault, located in Rice County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $245,700, the tax bill can vary significantly based on individual property assessments and applicable exemptions. Several factors influence the final tax bill, including property size, location, and any improvements made. Homeowners in Faribault can expect tax bills ranging from the 25th percentile at $1,240 to the 90th percentile at $3,656. The highest and lowest median tax bills in the area both stand at $1,896, reflecting the consistency in property valuations within the 55021 zip code. Compared to the national median property tax rate of 0.99%, Faribault's tax bills can provide a sense of how local rates impact homeowners' financial responsibilities.
Average Faribault Tax Bill
$1,896
Average Rice County Tax Bill
$2,471
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 | $341 | $1,240 | $1,896 | $2,684 | $3,656 |
Source: Ownwell