Rice, Benton County, Minnesota Property Taxes

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

Median Rice, MN effective property tax rate: 0.95%, slightly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Rice, MN home value: $260,500
Median annual Rice, MN tax bill: $2,396, $4 lower than the national median property tax bill of $2,400.

How are property taxes in Benton County calculated?

Property taxes in Rice, MN 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 Rice’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Rice, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Rice, Benton County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.95%

Estimate Property Tax Bill

$2,475

$2,296

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, our calculator applies Rice’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 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 Benton County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Rice, Benton County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides 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, in a nutshell, this is the annual process. Below, you can compare Rice’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.

Property Tax Rates Across Rice, Benton County, Minnesota

Source: Ownwell

0.65%

0.92%

1.19%

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 Tax Rate

0.95%

Median Effective Benton County Tax Rate

1.02%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Rice, Benton County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56367	0.62%	0.87%	0.95%	1.02%	1.07%

Source: Ownwell

Property Tax Assessment Values Across Rice, Benton County, Minnesota

When examining property taxes in Rice, Minnesota, 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 Benton County appraisal district 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.

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

For example, the median home price in Rice is $260,500, with tax bills ranging significantly across the county. Zip code 56367 has the highest median home price at $260,500.

Property Tax Assessment Values Across Rice, Benton County, Minnesota

Source: Ownwell

$171,350

$271,225

$371,100

Median Rice Market Value

$260,500

Median Benton County Market Value

$250,700

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Rice, Benton County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56367	$15,800	$133,950	$260,500	$357,400	$507,600

Source: Ownwell

Property Tax Bills Across Rice, Benton County, Minnesota

In Rice, located in Benton County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. With a median home price of $260,500, homeowners can expect a property tax bill that varies significantly across different percentiles. For instance, those in the 25th percentile pay around $919, while those in the 75th percentile face a tax bill of approximately $3,244. At the 90th percentile, the tax bill can reach up to $4,312. Comparatively, the national median property tax bill is $2,400, highlighting how Rice's property taxes can be both lower and higher than the national average, depending on the home's value and location within the city. Ownwell assists homeowners by offering property tax appeal and exemption services, potentially reducing their tax burden. By analyzing each home's assessed value and ensuring it aligns with market trends, Ownwell can help homeowners in Rice save significantly on their property tax bills, providing a much-needed financial relief.

Property Tax Bills Across Rice, Benton County, Minnesota

Source: Ownwell

$1,138

$2,229

$3,320

Median Rice Tax Bill

$2,396

Median Benton County Tax Bill

$2,428

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Rice, Benton County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56367	$156	$919	$2,396	$3,244	$4,312

Source: Ownwell