Hannover, North Dakota Property Taxes
The median property tax rate in Hannover, ND is 0.70%, which is notably lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Hannover at $156,423, the typical annual property tax bill is $1,250, significantly less than the national median of $2,690. Property taxes in Hannover are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hannover's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hannover or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hannover, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,095
Ownwell’s Hannover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hannover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hannover 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 Hannover, North Dakota
Property taxes in Hannover, North Dakota, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Hannover is 1.08%, higher than both the North Dakota state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Hannover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hannover 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 Hannover's effective property tax rate to other counties in North Dakota and the national median. For comparison, 58563 has the highest median property tax rate of 1.08%, while 58563 also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Hannover provides valuable insights into the varying tax landscape across Oliver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hannover Tax Rate
0.70%
Average Oliver County Tax Rate
0.70%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hannover, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58563 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Hannover, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hannover, 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 Oliver 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 Hannover, 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. Being aware of these valuation processes in Hannover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 58563 has both the highest and lowest median tax bill of $1,250.
Average Hannover Assessed Value
$156,423
Average Oliver County Assessed Value
$137,505
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hannover, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58563 | $95,986 | $100,398 | $156,423 | $223,206 | $287,633 |
Source: Ownwell
Property Tax Bills Across Hannover, North Dakota
In Hannover, ND, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Hannover can expect their property tax bills to vary significantly based on several factors, including the property's location, size, and market conditions. For instance, the median home price in Hannover is $156,423. Homeowners at the 25th percentile pay around $782 in property taxes, while those at the 75th percentile pay approximately $1,653. At the 90th percentile, the tax bill can reach up to $2,093. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Hannover's property tax rates can be seen as relatively moderate, providing a balanced approach that impacts homeowners differently based on their property's assessed value. This system ensures that property taxes are fairly distributed, reflecting the value and characteristics of each home.
Average Hannover Tax Bill
$1,250
Average Oliver County Tax Bill
$1,042
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Hannover, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58563 | $674 | $782 | $1,250 | $1,653 | $2,093 |
Source: Ownwell