Leonard, North Dakota Property Taxes
The median property tax rate in Leonard, ND is 1.14%, which is higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With a median home value of $116,550 in Leonard, the typical annual property tax bill is $1,332, surpassing the national median of $2,690. Property taxes in Leonard are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Leonard'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 Leonard 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
Leonard, 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 Leonard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leonard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonard 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 Leonard, North Dakota
Property taxes in Leonard, North Dakota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonard is 1.14%, significantly higher than the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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 Leonard's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58052 zip code within Leonard has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Leonard provides valuable insights into the varying tax landscape across Ransom County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leonard Tax Rate
1.14%
Average Ransom County Tax Rate
1.65%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58052 | 1.14% | 1.14% | 1.14% | 1.29% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, North Dakota
In Leonard, 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 Leonard, 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 Leonard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Leonard is 58052, with a median tax bill of $1,332.
Average Leonard Assessed Value
$116,550
Average Ransom County Assessed Value
$96,500
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leonard, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58052 | $25,310 | $50,825 | $116,550 | $211,175 | $288,710 |
Source: Ownwell
Property Tax Bills Across Leonard, North Dakota
In Leonard, located in Ransom County, ND, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Leonard, the median home price stands at $116,550. Tax bills in the area can vary significantly, with the 25th percentile at $593 and the 75th percentile reaching $2,413. The highest tax bills, in the 90th percentile, can go up to $3,298. Compared to the national median property tax rate of 0.99%, Ransom County's property tax bills show a wide range, reflecting the diverse property values and tax rates within the region. Homeowners must consider these factors, as property taxes can significantly impact annual housing costs. The highest median tax bill in the area is $1,332, found in the 58052 zip code, which also holds the lowest median tax bill at the same amount, illustrating a relatively consistent tax rate across different properties.
Average Leonard Tax Bill
$1,332
Average Ransom County Tax Bill
$1,335
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58052 | $324 | $593 | $1,332 | $2,413 | $3,298 |
Source: Ownwell