Binford, North Dakota Property Taxes
The median property tax rate in Binford, ND is 0.91%, which is lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Binford at $62,109, the typical annual property tax bill is $516, significantly below the national median of $2,690. Property taxes in Binford are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Binford'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 Binford 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
Binford, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$565
Ownwell’s Binford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Binford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Binford 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 Binford, North Dakota
Property taxes in Binford, 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 Binford is 0.91%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Binford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Binford 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 Binford's effective property tax rate to other areas in North Dakota and the national median. For comparison, the zip code 58416 has both the highest and lowest median property tax rate of 0.91%, highlighting a uniform tax landscape within Griggs County. Understanding how these cities compare with Binford provides valuable insights into the varying tax landscape across Griggs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Binford Tax Rate
0.91%
Average Griggs County Tax Rate
0.91%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Binford, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58416 | 0.85% | 0.87% | 0.91% | 0.94% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Binford, North Dakota
In Binford, 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 Griggs 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. 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 Binford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 58416 has the highest and lowest median tax bill of $516 in the area.
Average Binford Assessed Value
$62,109
Average Griggs County Assessed Value
$68,520
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Binford, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58416 | $13,429 | $32,039 | $62,109 | $98,118 | $156,167 |
Source: Ownwell
Property Tax Bills Across Binford, North Dakota
Property tax bills in Binford, located in Griggs County, ND, are calculated based on the assessed value of a property and the local tax rate. The process begins with the county assessor determining the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood trends, and market conditions can influence the assessed value. For homeowners in Binford, the median home price is $62,109. Property tax bills can vary significantly, with the 25th percentile at $255 and the 75th percentile at $886. At the 90th percentile, homeowners might see tax bills as high as $1,439. These property tax bills impact homeowners by affecting their annual housing costs, influencing decisions on property investments and home improvements. Compared to the national median property tax rate of 0.99%, property taxes in Binford offer a glimpse into the local economic landscape and its implications for residents.
Average Binford Tax Bill
$516
Average Griggs County Tax Bill
$614
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Binford, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58416 | $141 | $255 | $516 | $886 | $1,439 |
Source: Ownwell