Benedict, North Dakota Property Taxes
The median property tax rate in Benedict, ND is 1.09%, 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 Benedict, the typical annual property tax bill reaches $413, significantly below the national median of $2,690. Property taxes in Benedict 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 Benedict'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 Benedict 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
Benedict, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$415
Ownwell’s Benedict Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Benedict with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benedict 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 McLean County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Benedict, North Dakota
Property taxes in Benedict, 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 Benedict is 1.09%, significantly higher than the U.S. national median of 0.99%. Local government entities within Benedict set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benedict 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 Benedict's effective property tax rate to other counties in North Dakota and the national median. For comparison, the zip code 58716 has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Benedict provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benedict Tax Rate
1.09%
Average Mclean County Tax Rate
1.12%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benedict, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58716 | 0.98% | 1.09% | 1.09% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Benedict, North Dakota
In Benedict, 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 McLean 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 Benedict, 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 Benedict helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Benedict are both $413, found in the 58716 zip code.
Average Benedict Assessed Value
$38,100
Average Mclean County Assessed Value
$136,000
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benedict, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58716 | $6,620 | $17,150 | $38,100 | $85,400 | $112,640 |
Source: Ownwell
Property Tax Bills Across Benedict, North Dakota
In Benedict, McLean County, ND, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. With a median home price of $38,100, homeowners in Benedict can expect their tax bills to vary significantly. The assessed value is multiplied by the local tax rate to determine the annual tax bill. For instance, the tax bill at the 25th percentile is around $210, while at the 75th percentile, it rises to $915. At the 90th percentile, it can reach up to $1,154. These figures illustrate the range of property tax obligations in the area, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Benedict's rates reflect the local economic conditions and public service funding needs. Homeowners must budget for these taxes annually, as they directly impact their overall cost of homeownership and can influence decisions on property investments and improvements.
Average Benedict Tax Bill
$413
Average Mclean County Tax Bill
$1,469
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Benedict, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58716 | $100 | $210 | $413 | $915 | $1,154 |
Source: Ownwell