New Richland, Faribault County, Minnesota Property Taxes

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

Median New Richland, MN effective property tax rate: 0.79%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median New Richland, MN home value: $163,200
Median annual New Richland, MN tax bill: $1,292, $1,108 lower than the national median property tax bill of $2,400.

How are property taxes in Faribault County calculated?

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

Last Updated March 1, 2025

New Richland, Faribault County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.79%

Estimate Property Tax Bill

$1,289

$1,196

Ownwell’s New Richland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Richland with just two data points. By entering your property's estimated assessed value, our calculator applies New Richland’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 Faribault County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across New Richland, Faribault County, Minnesota

Local government entities are responsible for setting property tax rates, which can differ significantly within a state. This is because each county, like Faribault in Minnesota, annually estimates its budgetary needs to fund essential services and divides this by the total assessed value of all taxable properties in the area. This process determines the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially how the annual process unfolds.

For property owners in New Richland, located in Faribault County, the effective property tax rate is 0.79%, which is notably lower than both the state and national median rates. The national median property tax rate is 1.02%, with an average annual bill of $2,400. This makes New Richland an attractive location for property owners looking to benefit from lower property tax rates while still enjoying the services funded by these taxes. By understanding how these rates are set and how they compare to state and national averages, property owners can make more informed decisions about their investments.

Property Tax Rates Across New Richland, Faribault County, Minnesota

Source: Ownwell

0.81%

1.53%

2.24%

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 New Richland Tax Rate

0.79%

Median Effective Faribault County Tax Rate

1.19%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across New Richland, Faribault County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56072	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across New Richland, Faribault County, Minnesota

When examining property taxes in New Richland, MN, 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 Faribault 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.

In Faribault 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 New Richland. For example, the median home price in New Richland is $163,200, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across New Richland, Faribault County, Minnesota

Source: Ownwell

$36,400

$87,950

$139,500

Median New Richland Market Value

$163,200

Median Faribault County Market Value

$99,500

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across New Richland, Faribault County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56072	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across New Richland, Faribault County, Minnesota

In New Richland, MN, property tax bills are determined by assessing the property's market value and applying the local tax rate. The median home price in New Richland is $163,200, and the property tax rate in Faribault County influences the final tax bill. Homeowners typically see a tax bill around $1,292, which is below the national median property tax bill of $2,400. The 25th, 75th, and 90th percentile tax bills are all the same, indicating a consistent tax assessment across different property values. This consistency suggests that homeowners in New Richland benefit from relatively predictable property tax expenses. However, even with a lower tax bill, homeowners may feel the financial impact, especially if property values rise or personal circumstances change. This is where Ownwell can assist. By providing expert property tax appeal and exemption services, Ownwell helps homeowners potentially lower their tax obligations, ensuring they only pay what is fair and accurate based on their property's true assessed value.

Property Tax Bills Across New Richland, Faribault County, Minnesota

Source: Ownwell

$568

$947

$1,326

Median New Richland Tax Bill

$1,292

Median Faribault County Tax Bill

$1,105

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across New Richland, Faribault County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56072	N/A	N/A	N/A	N/A	N/A

Source: Ownwell