Hankinson, North Dakota Property Taxes
The median property tax rate in Hankinson, ND is 1.45%, significantly higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With a median home value of $43,600 in Hankinson, the typical annual property tax bill is approximately $631, which is below the national median of $2,690. Property taxes in Hankinson are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Hankinson'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 Hankinson or another part of Richland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hankinson, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$632
Ownwell’s Hankinson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hankinson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hankinson 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 Hankinson, North Dakota
Property taxes in Hankinson, 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 Hankinson is 1.14%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hankinson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hankinson 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. Comparing Hankinson's effective property tax rate to other regions in North Dakota and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hankinson Tax Rate
1.45%
Average Richland County Tax Rate
1.58%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hankinson, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58041 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Hankinson, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hankinson, ND. 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 Richland 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 Hankinson, 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 Hankinson is $43,600, with the 25th percentile tax bill at $545 and the 75th percentile at $731. The highest and lowest median tax bill is $631 in the 58041 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hankinson Assessed Value
$43,600
Average Richland County Assessed Value
$121,100
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hankinson, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58041 | $37,300 | $37,650 | $43,600 | $50,450 | $70,800 |
Source: Ownwell
Property Tax Bills Across Hankinson, North Dakota
In Hankinson, ND, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor. For homeowners, the median home price is $43,600. The property tax rate in Hankinson's Richland County is relatively moderate compared to the national median property tax rate of 0.99%. Your tax bill is influenced by several factors, including the assessed value of your property and the local tax rate. For instance, the tax bill ranges from $545 at the 25th percentile to $731 at the 75th percentile, with the 90th percentile reaching up to $1,025. These figures indicate that even within the same area, property tax bills can vary significantly based on the specific characteristics and assessed value of each property. Homeowners in Hankinson should be aware that their property tax bill can impact their overall housing costs and should plan accordingly. Understanding how these taxes are calculated can help in budgeting and financial planning.
Average Hankinson Tax Bill
$631
Average Richland County Tax Bill
$1,800
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Hankinson, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58041 | $540 | $545 | $631 | $731 | $1,025 |
Source: Ownwell