55021 Property Tax Rate

Property owners in ZIP code 55021 (Faribault, Minnesota) pay a median of $2,366/year in property taxes on homes valued at $267,600. This translates to an effective tax rate of 0.88%, which is 8% below the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55021 is approximately $197, which factors into escrow payments on mortgages. This ZIP code is located within Rice County.

Compared to similar ZIP codes in Minnesota, 55021 has higher property taxes. ZIP codes with similar effective rates include 55026 (0.88%) and 56164 (0.88%).

In Faribault, property taxes represent approximately 3.4% of the median household income of $70,296, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification reduces your taxable market value and applies a lower tax class rate to primary residences; Rice County's 1.25% effective rate is among the state's highest, making this classification essential. The Homestead Credit provides an income-based tax refund for qualifying homeowners and is claimed on your Minnesota state return. Contact the Rice County Assessor immediately after purchase to file your homestead designation and review your assessed value to ensure accuracy.