Larimore, North Dakota Property Taxes
The median property tax rate in Larimore, ND is 1.77%, considerably higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Larimore at $133,400, the typical annual property tax bill reaches $2,039, which is below the national median of $2,690. Property taxes in Larimore 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 Larimore'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 Larimore 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
Larimore, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$2,361
$2,191
Ownwell’s Larimore Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Larimore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Larimore to give you an accurate property tax bill estimate. This intuitive tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Larimore, North Dakota
Property taxes in Larimore, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Larimore is 1.77%, significantly higher than the U.S. national median of 0.99%. Local government entities within Larimore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Larimore 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 Larimore's effective property tax rate to other areas in North Dakota and the national median. For comparison, the 58251 zip code has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these areas compare with Larimore provides valuable insights into the varying tax landscape across Grand Forks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Larimore Tax Rate
1.77%
Average Grand Forks County Tax Rate
1.49%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Larimore, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58251 | 0.89% | 1.20% | 1.77% | 2.00% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Larimore, North Dakota
In Larimore, 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 Grand Forks 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 Larimore, 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. The median home price in Larimore is $133,400, with property tax bills varying widely. For instance, the 25th percentile tax bill is $1,349, while the 75th percentile tax bill is $2,837. The highest and lowest median tax bills are both $2,039 in the zip code 58251. 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 Larimore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Larimore Assessed Value
$133,400
Average Grand Forks County Assessed Value
$201,100
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Larimore, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58251 | $51,770 | $80,300 | $133,400 | $171,500 | $214,410 |
Source: Ownwell
Property Tax Bills Across Larimore, North Dakota
In Larimore, located in Grand Forks County, 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 property's market value, and this figure is then multiplied by the local tax rate. For instance, with a median home price of $133,400, homeowners can expect varying tax bills depending on several factors, including the specific assessment and applicable exemptions. The tax bill for the 25th percentile is around $1,349, while the 75th percentile sees bills closer to $2,837. At the 90th percentile, homeowners might face tax bills up to $3,318. These figures illustrate the range of property tax burdens within the community. Comparing this to the national median property tax rate of 0.99%, Larimore's property tax rates can significantly impact homeowners, influencing their financial planning and long-term investment in their properties. Understanding these factors helps residents anticipate and manage their annual property tax obligations effectively.
Average Larimore Tax Bill
$2,039
Average Grand Forks County Tax Bill
$2,953
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Larimore, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58251 | $775 | $1,349 | $2,039 | $2,837 | $3,318 |
Source: Ownwell