Cathay, North Dakota Property Taxes
The median property tax rate in Cathay, 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 Cathay, the typical annual property tax bill reaches $348, significantly below the national median of $2,690. Property taxes in Cathay 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 Cathay'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 Cathay 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
Cathay, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$427
Ownwell’s Cathay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cathay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cathay 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 Cathay, North Dakota
Property taxes in Cathay, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cathay is 0.54%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Cathay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cathay 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 Cathay's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58422 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Cathay provides valuable insights into the varying tax landscape across Wells County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cathay Tax Rate
0.54%
Average Wells County Tax Rate
0.66%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cathay, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58422 | 0.23% | 0.41% | 0.54% | 0.64% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Cathay, North Dakota
In Cathay, 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 Wells 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 Cathay, 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 Cathay 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 $348 in the 58422 zip code, which is also the lowest median tax bill.
Average Cathay Assessed Value
$79,160
Average Wells County Assessed Value
$119,440
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cathay, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58422 | $5,402 | $15,075 | $79,160 | $210,255 | $391,080 |
Source: Ownwell
Property Tax Bills Across Cathay, North Dakota
Property tax bills in Cathay, located in Wells County, ND, are determined by assessing the market value of a property and applying the local tax rate to that value. The median home price in Cathay is $79,160. Homeowners' tax bills can vary significantly; for instance, the 25th percentile tax bill is $68, while the 75th percentile tax bill is $736, and the 90th percentile reaches $1,507. These assessments are influenced by several factors, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Cathay’s property taxes can be relatively low, offering a financial advantage to homeowners in the area. This variation in tax bills means that while some homeowners may benefit from lower taxes, others with higher-valued properties may face more substantial tax obligations. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan their finances accordingly.
Average Cathay Tax Bill
$348
Average Wells County Tax Bill
$862
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Cathay, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58422 | $33 | $68 | $348 | $736 | $1,507 |
Source: Ownwell