Velva, North Dakota Property Taxes
The median property tax rate in Velva, ND is 0.84%, which is lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Velva at $229,000, the typical annual property tax bill is $1,896, falling below the national median of $2,690. Property taxes in Velva are calculated based on the tax assessed value, which often is less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Velva'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 Velva 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
Velva, 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 Velva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Velva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Velva 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 Velva, North Dakota
Property taxes in Velva, 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 Velva is 1.05%, significantly higher than both the North Dakota state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Velva set these rates annually, and they can vary across different neighborhoods. Each year, Velva 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 Velva's effective property tax rate to other counties in North Dakota and the national median. For comparison, the highest median property tax rate in North Dakota is found in Fargo, with a rate of 1.31%, while the lowest median tax rate is in Dickinson, at 0.74%. Understanding how these cities compare with Velva 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 Velva Tax Rate
0.84%
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 Velva, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58790 | 0.80% | 0.83% | 0.84% | 0.85% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Velva, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Velva, ND. 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 Velva, 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 Velva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 58790 has both the highest and lowest median tax bill in the area, at $1,896.
Average Velva Assessed Value
$229,000
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 Velva, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58790 | $99,200 | $208,000 | $229,000 | $325,000 | $372,600 |
Source: Ownwell
Property Tax Bills Across Velva, North Dakota
Property tax bills in Velva, Ward County, ND, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $229,000, homeowners can expect their tax bills to vary widely. The 25th percentile tax bill is around $1,747, while the 75th percentile reaches up to $2,750. At the higher end, the 90th percentile tax bill can go up to $3,197. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Comparatively, Velva’s property tax rates can be seen as moderate, given the national median property tax rate of 0.99%. For homeowners, these taxes fund essential public services like schools, infrastructure, and emergency services, making them a crucial aspect of community well-being. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Velva Tax Bill
$1,896
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 Velva, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58790 | $848 | $1,747 | $1,896 | $2,750 | $3,197 |
Source: Ownwell