Thompson, North Dakota Property Taxes
The median property tax rate in Thompson, ND is 1.06%, which is higher than the national median of 0.99% but lower than the North Dakota state median of 1.30%. With a median home value of $173,700 in Thompson, the typical annual property tax bill amounts to $2,271, which is slightly below the national median of $2,690. Property taxes in Thompson are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Thompson'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 Thompson or another part of Grand Forks County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thompson, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,841
Ownwell’s Thompson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson 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 Thompson, North Dakota
Property taxes in Thompson, North Dakota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 1.06%, higher than the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58278 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Thompson 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 Thompson Tax Rate
1.06%
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 Thompson, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58278 | 0.90% | 0.96% | 1.06% | 1.35% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, North Dakota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thompson, North Dakota. 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 Thompson, 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. For instance, the median home price in Thompson is $173,700. Homeowners in the 25th percentile can expect a tax bill around $1,344, while those in the 75th percentile might see bills as high as $3,000. The highest and lowest median tax bills are both in the 58278 zip code, standing at $2,271. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thompson Assessed Value
$173,700
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 Thompson, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58278 | $81,800 | $131,000 | $173,700 | $287,200 | $459,460 |
Source: Ownwell
Property Tax Bills Across Thompson, North Dakota
In Thompson, located in Grand Forks County, ND, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax obligation. For instance, with a median home price of $173,700, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors influencing the tax bill include the home's assessed value, any exemptions or deductions the homeowner may qualify for, and the local tax rate set by the county. The tax bill in Thompson can range significantly, with the 25th percentile at $1,344, the 75th percentile at $3,000, and the 90th percentile reaching up to $4,589. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Thompson's rates reflect the local economic and governmental priorities, ensuring that residents contribute fairly to community resources.
Average Thompson Tax Bill
$2,271
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 Thompson, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58278 | $891 | $1,344 | $2,271 | $3,000 | $4,589 |
Source: Ownwell