Richardton, North Dakota Property Taxes
The median property tax rate in Richardton, ND is 0.60%, significantly lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Richardton at $265,400, the typical annual property tax bill amounts to $1,693, which is well below the national median of $2,690. Property taxes in Richardton 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 Richardton'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 Richardton or another part of Stark County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richardton, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,592
Ownwell’s RICHARDTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHARDTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHARDTON 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 Richardton, North Dakota
Property taxes in Richardton, 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 Richardton is 0.60%, which is lower than both the North Dakota state median and the U.S. national median of 0.99%. Local government entities within Richardton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richardton 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 Richardton's effective property tax rate to other counties in North Dakota and the national median. For comparison, the zip code 58652 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Richardton provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richardton Tax Rate
0.60%
Average Stark County Tax Rate
0.55%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richardton, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58652 | 0.54% | 0.57% | 0.60% | 0.77% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Richardton, North Dakota
In Richardton, 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 Stark County Assessor's Office 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 Richardton, 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 Richardton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 58652 has both the highest and lowest median tax bills, with a median tax bill of $1,693.
Property Tax Assessment Values Across Richardton, North Dakota
Source: Ownwell
$66,000
$233,800
$401,600
Average Richardton Assessed Value
$265,400
Average Stark County Assessed Value
$386,000
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richardton, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58652 | $115,880 | $162,900 | $265,400 | $359,800 | $504,560 |
Source: Ownwell
Property Tax Bills Across Richardton, North Dakota
In Richardton, property tax bills are calculated based on the assessed value of the home. The assessed value is a percentage of the market value, which is determined by local assessors. Once the assessed value is established, the local tax rate, or mill rate, is applied to calculate the property tax bill. The median home price in Richardton is $265,400, and the tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $1,181 annually, while those in the 75th percentile see bills closer to $2,279. At the 90th percentile, the tax bill can reach up to $3,074. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Richardton's rates are competitive, ensuring homeowners get value for their contributions. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Richardton Tax Bill
$1,693
Average Stark County Tax Bill
$2,116
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Richardton, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58652 | $738 | $1,181 | $1,693 | $2,279 | $3,074 |
Source: Ownwell