Buffalo Springs, North Dakota Property Taxes
The median property tax rate in Buffalo Springs, ND is 0.69%, significantly lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Buffalo Springs at $29,138, the typical annual property tax bill is $143, far below the national median of $2,690. Property taxes in Buffalo Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Buffalo Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Buffalo Springs or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Springs, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$201
Ownwell’s Buffalo Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Springs to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Buffalo Springs, North Dakota
Property taxes in Buffalo Springs, North Dakota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Springs is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Buffalo Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Springs estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Buffalo Springs' effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58623 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Buffalo Springs provides valuable insights into the varying tax landscape across Bowman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Springs Tax Rate
0.69%
Average Bowman County Tax Rate
1.18%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Springs, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58623 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Springs, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Buffalo Springs, North Dakota. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bowman County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Buffalo Springs, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the highest median tax bill in the area is $143 in zip code 58623, which also happens to be the lowest median tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Buffalo Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Buffalo Springs, North Dakota
Source: Ownwell
$29,138
$36,034
$42,930
Average Buffalo Springs Assessed Value
$29,138
Average Bowman County Assessed Value
$37,604
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Springs, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58623 | $22,365 | $24,905 | $29,138 | $33,371 | $35,911 |
Source: Ownwell
Property Tax Bills Across Buffalo Springs, North Dakota
In Buffalo Springs, located in Bowman County, ND, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by local assessors. For Buffalo Springs, the median home price is $29,138. The tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Buffalo Springs typically see a tax bill around $143, whether they fall into the 25th, 75th, or even the 90th percentile. This uniformity suggests a consistent application of the tax rate across different property values in the area. When compared to the national median property tax rate of 0.99%, Buffalo Springs offers relatively low property tax bills, which can be a financial relief for homeowners. This predictable and lower tax burden can make homeownership more affordable and attractive in this region, positively influencing the local real estate market.
Average Buffalo Springs Tax Bill
$143
Average Bowman County Tax Bill
$342
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Springs, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58623 | $143 | $143 | $143 | $143 | $143 |
Source: Ownwell