Faribault, Rice County, Minnesota Property Taxes
Property Taxes in Faribault, Minnesota
Median Faribault, Minnesota effective property tax rate: 1.03%, significantly lower than the national median of 1.02%, and lower than the Minnesota state median of 1.13%.
Median Faribault, Minnesota home value: $268,700
Median annual Faribault, Minnesota tax bill: $2,634, $234 higher than the national median property tax bill of $2,400.
How are property taxes in Rice County calculated?
Property taxes in Faribault, Minnesota 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 Faribault's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Faribault, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Faribault, Rice County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.03%
Estimate Property Tax Bill
$2,768
$2,568
How Does the Faribault Property Tax Calculator Work?
Use this Faribault property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Faribault's median effective tax rate of 1.03% — based on actual property records in Rice County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Faribault's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Faribault: rates range from 1.03% in 55021 to 1.03% in 55021, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Faribault.
About Faribault Property Taxes
About Property Taxes in Faribault, Rice, Minnesota
Faribault’s median effective property tax rate of 1.03% is lower than the Minnesota state median of 1.13% and higher than the national median of 1.02%. This rate reflects the Rice County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Faribault. Homeowners in the 55021 ZIP code carry a median effective rate of 1.03%, while those in the same ZIP code also pay 1.03%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Rice County. Understanding which part of Faribault you live in can make a meaningful difference to your annual tax bill.
Faribault homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the April 30, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Faribault, Rice County, Minnesota
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because 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 Faribault's effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.
Our median effective property tax rate (tax bill Ă· 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 Faribault Tax Rate
1.03%
Our median effective property tax rate (tax bill Ă· 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
1.09%
Median Effective Minnesota Tax Rate
1.13%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Faribault, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | 0.54% | 0.74% | 1.03% | 1.12% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Faribault, Rice County, Minnesota
When examining property taxes in Faribault, 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 Rice County assessment 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 March.
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. For example, the median home price in Faribault is $268,700, with a median tax bill of $2,634. Tax bills range from $1,892 at the 25th percentile to $4,818 at the 90th percentile, compared with the national median property tax rate of 1.02% and the national median property tax bill of $2,400.
Property Tax Assessment Values Across Faribault, Rice County, Minnesota
Source: Ownwell
$228,000
$376,000
$524,000
Median Faribault Market Value
$268,700
Median Rice County Market Value
$322,300
Median Minnesota Market Value
$304,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Faribault, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $98,040 | $192,800 | $268,700 | $389,500 | $575,880 |
Source: Ownwell
Property Tax Bills Across Faribault, Rice County, Minnesota
How are property tax bills calculated in Faribault?
Property tax bills in Faribault are based on the assessed value of a home and the local tax rate set by taxing authorities in Rice County. The assessed value is compared with the market value of the property, and that assessment is used to determine how much tax a homeowner owes. For a home with a median value of $268,700, the property tax bill can vary depending on exemptions, local levies, and how the property is classified.
What factors affect the tax bill?
A homeowner’s final bill is influenced by the assessed value, the tax rate, and any applicable exemptions or credits. In Faribault, the 25th percentile tax bill is $1,892, while the 75th percentile tax bill is $3,582. The 90th percentile tax bill is $4,818, showing how much bills can rise for higher-valued or more heavily taxed homes.
How does this affect homeowners?
Because property taxes are recurring, even small changes in assessed value can affect annual costs and long-term affordability.
Median Faribault Tax Bill
$2,634
Median Rice County Tax Bill
$3,428
Median Minnesota Tax Bill
$3,364
Median United States Tax Bill
$2,400
Property Tax Bills Across Faribault, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $1,040 | $1,892 | $2,634 | $3,582 | $4,818 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | April 30 |
Links | |
|---|---|
| Rice Tax Assessor | |
| Website | beacon.schneidercorp.com |