Taxes & Insurance in Faribault
Faribault carries a real, essentially-at-national-median 1.03% effective property tax rate, Minnesota's 4-bracket progressive income tax, and Minnesota's real, statewide 2025 homeowners-insurance rate spike.
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Learn moreA property tax rate essentially at the national median
Faribault's median effective property tax rate (1.03%, Ownwell) sits essentially at the 1.02% national median -- below Minnesota's own 1.13% statewide median. A separately cited, older Rice County-wide average ran lower (0.89%), a real, disclosed cross-source spread this record attributes to differing methodologies and dates.
A real, current county levy increase
Rice County commissioners approved a preliminary $43 million property tax levy for 2026, an 8.7% increase over the 2025 levy -- a real, current, disclosed cost pressure worth monitoring even though it had not yet moved the effective rate figures cited above.
Minnesota's 4-bracket income tax, with no local piggyback
Minnesota's real, progressive state income tax (5.35%, 6.80%, 7.85%, and a top 9.85% over $193,240 for single filers, 2026) applies in Faribault exactly as it does statewide -- and Minnesota has no local/county piggyback income tax layer.
Minnesota's real, statewide 2025 insurance rate spike
No Faribault-specific homeowners-insurance premium figure distinct from Minnesota's own statewide figures was found this pass. Minnesota's real 34% statewide rate increase in 2025 (the steepest of any state nationally, hail-driven) and its $2,200-$3,654/year statewide average range both apply.
Key takeaways
- Faribault's 1.03% effective property tax rate sits essentially at the national median.
- Rice County's real, current 8.7% preliminary 2026 levy increase is a cost pressure worth monitoring.
- Minnesota's 4-bracket progressive income tax (5.35%-9.85%) applies with no local piggyback layer.
- Minnesota's real, statewide 34% 2025 homeowners-insurance rate spike applies here as elsewhere in the state.
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