Mckenzie, North Dakota Property Taxes
The median property tax rate in McKenzie, ND is 0.54%, considerably lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in McKenzie, the typical annual property tax bill reaches $682, well below the national median of $2,690. Property taxes in McKenzie are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McKenzie'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 McKenzie 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
Mckenzie, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$658
Ownwell’s McKenzie Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a straightforward way to estimate their annual property taxes in McKenzie. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in McKenzie to generate an estimated property tax bill. This valuable tool enables you to grasp your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. The assessed value of your property is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mckenzie, North Dakota
Property taxes in MCKENZIE, ND, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MCKENZIE is 1.22%, higher than both the North Dakota state median of 1.03% and the U.S. national median of 0.99%. Local government entities within MCKENZIE set these rates annually, and they can vary significantly across different neighborhoods. Each year, MCKENZIE 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 MCKENZIE's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58572 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with MCKENZIE provides valuable insights into the varying tax landscape across 38015, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mckenzie Tax Rate
0.54%
Average Burleigh County Tax Rate
1.14%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mckenzie, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58572 | 0.52% | 0.52% | 0.54% | 0.60% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Mckenzie, North Dakota
In McKenzie, 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 local 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 McKenzie, 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 McKenzie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $682 in zip code 58572, while the lowest median tax bill is also $682 in the same zip code.
Average Mckenzie Assessed Value
$121,800
Average Burleigh County Assessed Value
$262,900
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mckenzie, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58572 | $51,160 | $87,550 | $121,800 | $171,260 | $259,860 |
Source: Ownwell
Property Tax Bills Across Mckenzie, North Dakota
In McKenzie, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For example, with a median home price of $121,800, the assessed value forms the basis for the property tax calculation. Local tax rates are then applied to this assessed value to determine the final tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in McKenzie can expect their property tax bills to vary within a range, with the 25th percentile at $461 and the 75th percentile at $956. The highest median tax bill recorded in the area is $682, which is significantly lower than the national median property tax rate of 0.99%. Understanding how these elements interact can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Mckenzie Tax Bill
$682
Average Burleigh County Tax Bill
$2,929
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Mckenzie, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58572 | $283 | $461 | $682 | $956 | $1,440 |
Source: Ownwell