Geneseo, North Dakota Property Taxes
The median property tax rate in Geneseo, North Dakota is 1.06%, slightly higher than the national median of 0.99% but lower than the North Dakota state median of 1.30%. With the median home value in Geneseo at $8,388, the typical annual property tax bill amounts to $89, which is significantly below the national median of $2,690. Property taxes in Geneseo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Geneseo'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 Geneseo 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
Geneseo, 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 Geneseo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneseo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneseo 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 Geneseo, North Dakota
Property taxes in Geneseo, 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 Geneseo is 1.06%, higher than both the North Dakota state median and the U.S. national median of 0.99%. Local government entities within Geneseo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneseo 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 Geneseo's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58053 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Geneseo provides valuable insights into the varying tax landscape across Sargent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneseo Tax Rate
1.06%
Average Sargent County Tax Rate
1.49%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneseo, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58053 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Geneseo, North Dakota
In Geneseo, 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 Sargent 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 Geneseo, 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 Geneseo is $8,388, with tax bills ranging from $88 at the 25th percentile to $90 at the 90th percentile. 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 Geneseo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Geneseo Assessed Value
$8,388
Average Sargent County Assessed Value
$10,926
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneseo, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58053 | $8,263 | $8,310 | $8,388 | $8,467 | $8,514 |
Source: Ownwell
Property Tax Bills Across Geneseo, North Dakota
In Geneseo, located in Sargent County, ND, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Geneseo is $8,388. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors, such as property size, location, and any applicable exemptions, influence the assessed value. For homeowners in Geneseo, the tax bill can vary. At the 25th percentile, the annual tax bill is $88, while at the 75th and 90th percentiles, it is $90. This range indicates relatively low property tax burdens compared to the national median property tax rate of 0.99%. Lower tax bills can make homeownership more affordable, but it's essential for homeowners to stay informed about local tax rates and potential exemptions to maximize their savings. Understanding these elements helps homeowners better manage their finances and plan for future expenses.
Average Geneseo Tax Bill
$89
Average Sargent County Tax Bill
$185
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneseo, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58053 | $87 | $88 | $89 | $90 | $90 |
Source: Ownwell