Northwood, North Dakota Property Taxes
The median property tax rate in Northwood, ND is 1.43%, considerably higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Northwood, the typical annual property tax bill reaches $1,860, which is below the national median of $2,690. Property taxes in Northwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Northwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Northwood 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
Northwood, North Dakota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,600
Ownwell’s Northwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northwood 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 Northwood, North Dakota
Property taxes in Northwood, North Dakota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Northwood is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Northwood set these rates annually, and they can vary across different neighborhoods. Each year, Northwood estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total assessed 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 Northwood's effective property tax rate to other areas in Grand Forks County and the national median. For comparison, the zip code 58267 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these areas compare with Northwood provides valuable insights into the varying tax landscape across Grand Forks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northwood Tax Rate
1.43%
Average Grand Forks County Tax Rate
1.49%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58267 | 1.04% | 1.43% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Northwood, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Northwood, 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 Grand Forks 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 Northwood, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Northwood is $137,700, and the median tax bill ranges from $1,140 at the 25th percentile to $3,544 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Northwood Assessed Value
$137,700
Average Grand Forks County Assessed Value
$201,100
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58267 | $56,100 | $91,900 | $137,700 | $192,350 | $257,200 |
Source: Ownwell
Property Tax Bills Across Northwood, North Dakota
In Northwood, located in Grand Forks County, ND, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is influenced by factors such as property size, location, and improvements. For example, with a median home price of $137,700, local tax rates are applied to this assessed value to calculate the tax bill. Homeowners in Northwood can expect a wide range of property tax bills. The 25th percentile tax bill is around $1,140, while the 75th percentile tax bill can reach up to $2,600. At the 90th percentile, the tax bill can be as high as $3,544. Comparatively, the national median property tax rate is 0.99%, making Northwood's property tax rates competitive. These tax bills fund essential public services such as education, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors interplay helps homeowners anticipate and manage their property tax obligations effectively.
Average Northwood Tax Bill
$1,860
Average Grand Forks County Tax Bill
$2,953
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Northwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58267 | $747 | $1,140 | $1,860 | $2,600 | $3,544 |
Source: Ownwell