Verona, North Dakota Property Taxes
The median property tax rate in Verona, North Dakota is 0.85%, which is lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Verona, the typical annual property tax bill reaches $1,131, significantly below the national median of $2,690. Property taxes in Verona 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 Verona'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 Verona 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
Verona, 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 Verona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona 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 Verona, North Dakota
Property taxes in Verona, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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. Understanding how these cities compare with Verona provides valuable insights into the varying tax landscape across Ransom County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
0.85%
Average Ransom County Tax Rate
1.65%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58490 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Verona, North Dakota
In Verona, North Dakota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Ransom 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 Verona, 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. The median home price in Verona is $132,350, with tax bills ranging from $976 at the 25th percentile to $1,660 at the 90th percentile. The highest and lowest median tax bills, both at $1,131, are found in the 58490 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Verona Assessed Value
$132,350
Average Ransom County Assessed Value
$96,500
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58490 | $95,800 | $114,450 | $132,350 | $144,250 | $194,300 |
Source: Ownwell
Property Tax Bills Across Verona, North Dakota
In Verona, located in Ransom County, 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 local assessor and is a percentage of the market value of the property. This value is then multiplied by the property tax rate to determine the annual tax bill. For instance, homeowners in Verona with a median home price of $132,350 can expect varying tax bills. At the 25th percentile, tax bills are around $976, while at the 75th percentile, they rise to approximately $1232. For those in the 90th percentile, tax bills can reach up to $1660. Compared to the national median property tax rate of 0.99%, Verona's tax rates can be considered moderate. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby enhancing community living standards. Understanding these factors can help homeowners anticipate their annual financial obligations and plan accordingly.
Average Verona Tax Bill
$1,131
Average Ransom County Tax Bill
$1,335
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58490 | $816 | $976 | $1,131 | $1,232 | $1,660 |
Source: Ownwell