Mchenry, North Dakota Property Taxes
The median property tax rate in McHenry, ND is 0.96%, slightly below the national median of 0.99% and significantly lower than the North Dakota state median of 1.30%. With a median home value of $53,700 in McHenry, the typical annual property tax bill amounts to $482, well under the national median of $2,690. Property taxes in McHenry are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Gaining a thorough understanding of McHenry's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of McHenry or another part of the city, grasping the intricacies of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mchenry, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$516
$478
Ownwell’s McHenry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McHenry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McHenry 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 Mchenry, North Dakota
Property taxes in McHenry, North Dakota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McHenry is 1.00%, which is higher than both the North Dakota state median of 0.88% and the U.S. national median of 0.99%. Local government entities within McHenry set these rates annually, and they can vary significantly across different neighborhoods. Each year, McHenry 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 McHenry's effective property tax rate to other counties in North Dakota and the national median. For comparison, 58464 has the highest median property tax rate of 1.00%, while 58464 also has the lowest median tax rate of 1.00%. Understanding how these cities compare with McHenry 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 Mchenry Tax Rate
0.96%
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 Mchenry, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58464 | 0.90% | 0.90% | 0.96% | 1.37% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Mchenry, North Dakota
In McHenry, 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 McHenry, 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 McHenry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in McHenry are both $482, found in the zip code 58464.
Average Mchenry Assessed Value
$53,700
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 Mchenry, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58464 | $3,500 | $13,000 | $53,700 | $120,750 | $150,700 |
Source: Ownwell
Property Tax Bills Across Mchenry, North Dakota
In McHenry, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting what the property would likely sell for in the current market. Factors such as the home's size, location, and condition play a significant role in determining this value. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. For homeowners in McHenry, the median home price stands at $53,700. Property tax bills in this area can vary widely, with the 25th percentile at $185 and the 75th percentile reaching $1,103. The 90th percentile can be as high as $1,488. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, McHenry's rates reflect the specific needs and budgetary requirements of the local government.
Average Mchenry Tax Bill
$482
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 Mchenry, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58464 | $32 | $185 | $482 | $1,103 | $1,488 |
Source: Ownwell