Faribault, Steele County, Minnesota Property Taxes
Median Faribault, MN effective property tax rate: 0.45%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Faribault, MN home value: $366,000
Median annual Faribault, MN tax bill: $3,074, $674 higher than the national median property tax bill of $2,400.
How are property taxes in Steele County calculated?
Property taxes in Faribault, 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 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 March 1, 2025
Faribault, Steele County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.45%
Estimate Property Tax Bill
$1,647
$1,528
Property Tax Rates Across Faribault, Steele County, Minnesota
Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each year, counties estimate the budget needed to provide essential services and divide this figure by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Although the process involves votes and legislative measures, this is essentially how it works annually.
In Faribault, located in Steele County, the effective property tax rate is a key figure for homeowners to consider. Comparing Faribault's rate to other cities in Minnesota and the national median offers valuable insights. While Minnesota's property tax rates can differ greatly, Faribault's rate provides a specific benchmark within the state. With the national median property tax rate at 1.02% and the median property tax bill at $2,400, Faribault's rate stands out, offering a point of comparison for potential homeowners and investors. Understanding these rates can help residents and prospective buyers make informed decisions about property investments and financial planning.
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 Faribault Tax Rate
0.45%
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 Steele County Tax Rate
1.36%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Faribault, Steele County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | 0.24% | 0.28% | 0.45% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Faribault, Steele County, Minnesota
When examining property taxes in Faribault, 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 Steele 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.
Assessment notices: In Steele 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 Faribault. For example, the median home price in Faribault is $366,000, with tax bills ranging significantly across the county. Zip code 55021 has the highest median home price at $366,000.
Property Tax Assessment Values Across Faribault, Steele County, Minnesota
Source: Ownwell
$142,100
$256,400
$370,700
Median Faribault Market Value
$366,000
Median Steele County Market Value
$246,000
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Faribault, Steele County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $148,500 | $277,500 | $366,000 | $701,500 | $1,459,100 |
Source: Ownwell
Property Tax Bills Across Faribault, Steele County, Minnesota
In Faribault, located in Steele County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $366,000, which influences the tax amount homeowners are expected to pay. The property tax rate in Faribault can result in a tax bill that ranges significantly. For instance, homeowners in the 25th percentile pay around $1,604, while those in the 75th percentile face bills of approximately $3,525. The 90th percentile sees even higher bills, reaching up to $4,444. These figures highlight the variability in tax bills, which can significantly impact homeowners' finances.
Ownwell offers services to help homeowners potentially reduce their property tax bills. By providing expert assistance in appealing property assessments and identifying eligible exemptions, Ownwell helps ensure that homeowners are not overpaying on their taxes. This can lead to substantial savings, making the cost of homeownership more manageable in Faribault.
Median Faribault Tax Bill
$3,074
Median Steele County Tax Bill
$2,874
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Faribault, Steele County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55021 | $460 | $1,604 | $3,074 | $3,525 | $4,444 |
Source: Ownwell