Faribault property tax: where it goes
A Faribault house pays 1.475% of its taxable value in property tax, plus flat charges on the same bill. For a house at $241,500 of market value with the homestead exemption, that's about $2,727 a year.
Tax is levied on estimated market value, less the homestead market value exclusion, times the class rate (1.00% on the first $500,000, 1.25% above) gives tax capacity, which is taxed at the local tax capacity rates; the school referendum levy is a separate rate on market value.
Pay or manage it
Who taxes this house
| Taxing agency | Rate | On $241,500 |
|---|---|---|
| Rice County | 0.3825% | $829 |
| Rice County HRA | 0.0021% | $5 |
| City of Faribault (incl. HRA and EDA levies) | 0.5464% | $1,184 |
| Faribault School District 656, tax capacity (schools) | 0.1199% | $260 |
| Faribault School District 656, voter-approved referendum on market value (schools) | 0.1613% | $389 |
| All tax-capacity levies above, on value over $500,000 (1.25% class rate instead of 1.00%) | 0.2627% | $0 |
| Rice County solid waste fee | flat | $60 |
| Total | 1.475% | $2,727 |
2026 taxes payable, Rice County (Faribault city, School District 656). Exemptions applied: 1.00% class rate on the first $500,000 (1.25% only above) ($500,000); Homestead market value exclusion ($24,815).
Ways to pay less
- Moved in this year? Apply for homestead by Dec. 31. Homestead lowers the taxable value of a home you own and live in. The homestead market value exclusion is 40% of value for homesteads valued at $95,000 or less (a maximum of $38,000), is reduced as values rise, and phases out at $517,200 or more.
- Claim the Minnesota property tax refund. The due date for the property tax refund is August 15. You may file up to one year after the due date.
- Seniors 65+: defer part of your property tax. With the Senior Citizens Property Tax Deferral, the tax you pay is 3% of household income and the state pays the rest as a loan, repaid with interest when you sell or cancel. How: You must be 65 or older (if married, the other spouse at least 62) with household income of $96,000 or less; apply by November 1.
- Veterans with a 70%+ disability rating: market value exclusion. Honorably discharged veterans with a service-connected disability rating of 70% or higher who own and occupy a homestead can get a $150,000 market value exclusion; a 100% permanent and total disability rating qualifies for $300,000.
Dates
| When | What |
|---|---|
| Nov 1 (in 8 days) | Seniors: last day to file for the property tax deferral for next year's tax |
| Dec 31 | Last day to move into your home and file a homestead application with the assessor; also the last day for disabled veterans to apply for the value exclusion |
| May 15 | First half of real property taxes due |
| Aug 15 | Minnesota property tax refund due; you may still file up to one year late |
| Oct 15 | Last day to pay the second half of real estate taxes (unless part of the parcel is classified 2a agricultural land) |
Checked October 22, 2026. Every number here comes from the public sources listed, matched by our checker.
Rates change every year; this page shows when it was last checked. Nothing here is legal, tax or insurance advice.