Rice, Minnesota Property Taxes
The median property tax rate in Rice, MN is 0.95%, slightly below the national median of 0.99% but still significant compared to the Minnesota state median of 1.11%. With a median home value of $393,950 in Rice, the typical annual property tax bill amounts to $3,480, surpassing 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 the 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, understanding 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
0.95%
Estimate Property Tax Bill
$3,743
Ownwell’s Rice Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to 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 provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in exploring trends on a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Stearns County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Rice, Minnesota
Property taxes in Rice, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice is 0.95%, slightly below 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 0.95%. Understanding how these areas compare with Rice provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rice Tax Rate
0.95%
Average Stearns County Tax Rate
1.08%
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 | 0.53% | 0.86% | 0.95% | 1.01% | 1.06% |
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 Stearns 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. In Rice, the highest median tax bill is $3,480 in zip code 56367, which contrasts with the national median property tax rate of 0.99%.
Average Rice Assessed Value
$393,950
Average Stearns County Assessed Value
$269,100
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 | $227,450 | $279,850 | $393,950 | $548,150 | $694,050 |
Source: Ownwell
Property Tax Bills Across Rice, Minnesota
In Rice, located in Stearns 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 property tax bill. Homeowners in Rice experience a range of tax bills depending on their property values. For example, the tax bill at the 25th percentile is $2,550, while at the 75th percentile, it rises to $4,760. The 90th percentile tax bill can reach up to $6,146. The median home price in Rice is $393,950, and property taxes are a significant consideration for homeowners. The local tax rate is compared to the national median property tax rate of 0.99%, highlighting how it impacts financial planning and housing affordability in the area. These factors play a crucial role in determining the overall cost of homeownership, influencing decisions from buying to budgeting for annual expenses.
Average Rice Tax Bill
$3,480
Average Stearns County Tax Bill
$2,818
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 | $1,790 | $2,550 | $3,480 | $4,760 | $6,146 |
Source: Ownwell