Minot, North Dakota Property Taxes
The median property tax rate in Minot, ND is 1.65%, significantly higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Minot at $203,000, the typical annual property tax bill reaches $3,055, surpassing the national median of $2,690. Property taxes in Minot are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Minot'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 Minot 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
Minot, 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 Minot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minot 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 Minot, North Dakota
Property taxes in Minot, 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 Minot is 1.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Minot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minot 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 Minot's effective property tax rate to other areas in Ward County and the national median. For comparison, the 58703 zip code has the highest median property tax rate of 1.65%, while the 58701 zip code has the lowest median tax rate of 1.65%. Understanding how these areas compare with Minot provides valuable insights into the varying tax landscape across Ward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minot Tax Rate
1.65%
Average Ward County Tax Rate
1.65%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minot, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58701 | 1.01% | 1.51% | 1.65% | 1.65% | 1.65% |
| 58703 | 0.98% | 1.65% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Minot, North Dakota
In Minot, 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 Ward 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 Minot, 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. For example, homeowners in the 58703 zip code have the highest median tax bill at $3,154, while those in the 58701 zip code have the lowest at $2,973. By understanding 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 Minot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Minot Assessed Value
$203,000
Average Ward County Assessed Value
$201,000
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minot, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58701 | $20,000 | $103,000 | $200,000 | $285,000 | $382,000 |
| 58703 | $106,000 | $152,000 | $205,000 | $274,000 | $353,000 |
Source: Ownwell
Property Tax Bills Across Minot, North Dakota
In Minot, located in Ward County, ND, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and is a percentage of the property's market value. Several factors influence this assessment, including the property's location, size, and condition. Once the assessed value is established, local tax rates are applied to calculate the tax bill. Homeowners in Minot experience a range of property tax bills. For instance, the tax bill at the 25th percentile is around $1,850, while at the 75th percentile, it is approximately $4,178. At the 90th percentile, it can go up to $5,500. The highest median tax bill in the area is $3,154 in zip code 58703, whereas the lowest median tax bill is $2,973 in zip code 58701. Compared to the national median property tax rate of 0.99%, Minot's property tax bills reflect a significant variation, impacting homeowners' financial planning and overall housing affordability.
Average Minot Tax Bill
$3,055
Average Ward County Tax Bill
$2,940
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Minot, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58701 | $287 | $1,272 | $2,973 | $4,244 | $5,648 |
| 58703 | $1,288 | $2,286 | $3,154 | $4,087 | $5,285 |
Source: Ownwell