Grace City, North Dakota Property Taxes
The median property tax rate in Grace City, ND is 0.92%, slightly below the national median of 0.99% and significantly lower than the North Dakota state median of 1.30%. With the median home value in Grace City at $151,200, the typical annual property tax bill comes to $1,376, which is less than the national median of $2,690. Property taxes in Grace City are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Grace City'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 Grace City 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
Grace City, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,391
$1,291
Ownwell’s Grace City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grace City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grace City 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 Grace City, North Dakota
Property taxes in Grace City, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grace City is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Grace City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grace City 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 Grace City's effective property tax rate to other areas in North Dakota and the national median. For comparison, the 58445 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Grace City provides valuable insights into the varying tax landscape across Foster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grace City Tax Rate
0.92%
Average Foster County Tax Rate
1.04%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grace City, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58445 | 0.88% | 0.88% | 0.92% | 0.95% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Grace City, North Dakota
In Grace City, 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 Foster 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 Grace City, 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. For instance, the median home price in Grace City is $151,200, with tax bills ranging from $627 at the 25th percentile to $3,122 at the 90th percentile. The highest and lowest median tax bills, both at $1,376, are found in ZIP code 58445. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Grace City, North Dakota
Source: Ownwell
$53,700
$282,850
$512,000
Average Grace City Assessed Value
$151,200
Average Foster County Assessed Value
$131,550
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grace City, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58445 | $35,100 | $65,950 | $151,200 | $180,150 | $332,000 |
Source: Ownwell
Property Tax Bills Across Grace City, North Dakota
In Grace City, located in Foster County, ND, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. The tax rate, or millage rate, is then applied to the assessed value to calculate the tax bill. For homeowners in Grace City, the median home price is $151,200. Property tax bills can vary significantly, with the 25th percentile bill at $627 and the 75th percentile bill at $1,754. At the 90th percentile, tax bills can reach up to $3,122. Compared to the national median property tax rate of 0.99%, Grace City’s property tax rates can have a considerable impact on homeowners, influencing their overall cost of living and financial planning. Homeowners must stay informed about these factors to manage their expenses effectively.
Average Grace City Tax Bill
$1,376
Average Foster County Tax Bill
$1,548
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Grace City, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58445 | $313 | $627 | $1,376 | $1,754 | $3,122 |
Source: Ownwell