Palermo, North Dakota Property Taxes
The median property tax rate in Palermo, ND is 0.60%, significantly lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With a median home value of $127,700 in Palermo, the typical annual property tax bill is $802, which is well below the national median of $2,690. Property taxes in Palermo are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Palermo'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 Palermo or another part of Mountrail County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palermo, 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 Palermo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palermo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palermo 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 Palermo, North Dakota
Property taxes in Palermo, 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 Palermo is 0.60%, lower than both the North Dakota state median and the U.S. national median of 0.99%. Local government entities within Palermo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palermo 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 Palermo's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58769 zip code 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 Palermo provides valuable insights into the varying tax landscape across Mountrail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palermo Tax Rate
0.60%
Average Mountrail County Tax Rate
0.60%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palermo, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58769 | 0.52% | 0.56% | 0.60% | 0.62% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Palermo, North Dakota
In Palermo, 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 Mountrail 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 Palermo, 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 Palermo 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 $802 in the 58769 zip code, while the lowest also stands at $802 in the same zip code, reflecting a consistent tax landscape.
Average Palermo Assessed Value
$127,700
Average Mountrail County Assessed Value
$139,300
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palermo, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58769 | $19,660 | $49,450 | $127,700 | $164,550 | $264,820 |
Source: Ownwell
Property Tax Bills Across Palermo, North Dakota
In Palermo, located in Mountrail County, ND, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Palermo is $127,700. To determine your tax bill, the assessed value of your property is multiplied by the local tax rate. Various factors influence this assessed value, including the property's market value, its location, and any improvements made to the property. Homeowners in Palermo experience a range of tax bills. For instance, the tax bill at the 25th percentile is $310, while at the 75th percentile, it rises to $995. The tax bill can go as high as $1,590 at the 90th percentile. These figures show a significant variation, reflecting differences in property values and assessments within the city. Compared to the national median property tax rate of 0.99%, Palermo's rates provide a unique perspective on how local factors can influence tax bills, affecting homeowners differently depending on their property's assessed value.
Average Palermo Tax Bill
$802
Average Mountrail County Tax Bill
$783
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Palermo, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58769 | $109 | $310 | $802 | $995 | $1,590 |
Source: Ownwell