Martin, North Dakota Property Taxes
The median property tax rate in Martin, ND is 1.25%, slightly higher than the national median of 0.99% but lower than North Dakota's state median of 1.30%. With the median home value in Martin, the typical annual property tax bill reaches $725, significantly below the national median of $2,690. Property taxes in Martin are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Martin'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 Martin 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
Martin, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$724
Ownwell’s Martin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martin 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 Martin, North Dakota
Property taxes in Martin, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martin is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Martin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martin 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 Martin's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58758 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Martin provides valuable insights into the varying tax landscape across Sheridan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martin Tax Rate
1.25%
Average Sheridan County Tax Rate
1.11%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martin, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58758 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Martin, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Martin, 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 Sheridan 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 Martin, 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 Martin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Martin is $725 in zip code 58758, while the lowest is also $725 in the same zip code, reflecting a consistent tax environment across the area.
Average Martin Assessed Value
$57,920
Average Sheridan County Assessed Value
$47,200
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martin, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58758 | $50,240 | $53,120 | $57,920 | $62,720 | $65,600 |
Source: Ownwell
Property Tax Bills Across Martin, North Dakota
In Martin, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the home. For instance, if the median home price in Martin is $57,920, the tax bill is derived from this assessed value. Property tax rates in Martin are influenced by various factors, including the local government's budget needs and the overall market conditions. Homeowners in Martin can expect their property tax bills to fall within a certain range. For example, the 25th percentile tax bill is $665, while the 75th percentile tax bill is $785. The 90th percentile tax bill reaches up to $821. These figures indicate that most homeowners will pay within this range, depending on the value and location of their property. Compared to the national median property tax rate of 0.99%, Martin's property tax rates are relatively moderate, providing a balanced fiscal environment for homeowners.
Average Martin Tax Bill
$725
Average Sheridan County Tax Bill
$348
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Martin, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58758 | $629 | $665 | $725 | $785 | $821 |
Source: Ownwell