Waterville, Rice County, Minnesota Property Taxes
Median Waterville, MN effective property tax rate: 0.56%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Waterville, MN home value: $311,500
Median annual Waterville, MN tax bill: $1,493, $907 lower than the national median property tax bill of $2,400.
How are property taxes in Rice County calculated?
Property taxes in Waterville, 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 Waterville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Waterville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Waterville, Rice County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.56%
Estimate Property Tax Bill
$1,744
$1,619
Property Tax Rates Across Waterville, Rice County, Minnesota
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 Waterville Tax Rate
0.56%
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 County Tax Rate
0.89%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Waterville, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | 0.22% | 0.29% | 0.56% | 0.67% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Waterville, Rice County, Minnesota
When examining property taxes in Waterville, 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 Rice 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 Rice 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 Waterville.
For example, the median home price in Waterville is $311,500, with tax bills ranging significantly across the county. Zip code 56096 has the highest median home price at $311,500.
Property Tax Assessment Values Across Waterville, Rice County, Minnesota
Source: Ownwell
$209,200
$353,950
$498,700
Median Waterville Market Value
$311,500
Median Rice County Market Value
$294,900
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Waterville, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | $26,380 | $172,500 | $311,500 | $483,300 | $866,400 |
Source: Ownwell
Property Tax Bills Across Waterville, Rice County, Minnesota
In Waterville, MN, property tax bills are determined by the assessed value of a property and the local tax rate. The median home price in Waterville is $311,500, and the property tax bill varies significantly across different percentiles. For instance, at the 25th percentile, the tax bill is $648, while at the 75th percentile, it is $2,294. The 90th percentile sees a tax bill of $2,972. These figures illustrate the range of tax burdens homeowners may face in the area. Compared to the national median property tax bill of $2,400, Waterville's taxes can be both lower and higher depending on the specific property.
Factors influencing these tax bills include changes in market value, local budget needs, and state regulations. For homeowners looking to reduce their tax burden, Ownwell offers expert property tax appeal and exemption services. By leveraging local expertise, Ownwell can help homeowners identify potential savings and navigate the complexities of the property tax system, ensuring they pay only what is necessary.
Median Waterville Tax Bill
$1,493
Median Rice County Tax Bill
$2,471
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Waterville, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | $175 | $648 | $1,493 | $2,294 | $2,972 |
Source: Ownwell