Bowman, North Dakota Property Taxes
The median property tax rate in Bowman, ND is 1.18%, which is 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 Bowman at $41,515, the typical annual property tax bill amounts to $453, falling significantly below the national median of $2,690. Property taxes in Bowman are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bowman’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 Bowman 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
Bowman, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$490
$455
Ownwell’s Bowman Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Bowman. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Bowman to provide an accurate estimate of your property tax bill. This powerful tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, localized information is available to help you see trends at the neighborhood level. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Bowman, North Dakota
Property taxes in Bowman, 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 Bowman is 1.18%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Bowman set these rates annually, and they can vary across different neighborhoods. Each year, Bowman 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 Bowman's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58623 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these areas compare with Bowman provides valuable insights into the varying tax landscape across Bowman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowman Tax Rate
1.18%
Average Bowman County Tax Rate
1.18%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowman, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58623 | 0.68% | 0.71% | 1.18% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Bowman, North Dakota
In Bowman, 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 Bowman, 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 Bowman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 58623, with a tax bill of $453.00.
Average Bowman Assessed Value
$41,515
Average Bowman County Assessed Value
$37,604
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowman, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58623 | $2,772 | $9,155 | $41,515 | $85,220 | $154,810 |
Source: Ownwell
Property Tax Bills Across Bowman, North Dakota
In Bowman, ND, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting current property conditions and market trends. Several factors influence this assessed value, including property size, location, and improvements. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For example, with a median home price of $41,515, homeowners in Bowman can expect tax bills ranging from $109 at the 25th percentile to $1,760 at the 90th percentile. This variance illustrates how property characteristics and local tax rates impact the final tax amount. Compared to the national median property tax rate of 0.99%, Bowman’s property tax rates offer a more affordable option for homeowners. Understanding these calculations helps homeowners anticipate their tax responsibilities and plan their finances accordingly.
Average Bowman Tax Bill
$453
Average Bowman County Tax Bill
$342
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowman, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58623 | $33 | $109 | $453 | $904 | $1,760 |
Source: Ownwell