Balfour, North Dakota Property Taxes
The median property tax rate in Balfour, ND is 0.72%, significantly lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With a median home value of $93,050 in Balfour, the typical annual property tax bill is around $670, well below the national median of $2,690. Property taxes in Balfour are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Balfour'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 Balfour 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
Balfour, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$670
$622
Ownwell’s Balfour Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Balfour with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Balfour 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 Balfour, North Dakota
Property taxes in Balfour, North Dakota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Balfour is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Balfour set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balfour 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 Balfour's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58712 zip code has both the highest and lowest median property tax rate in the region, standing at 0.72%. Understanding how these cities compare with Balfour provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balfour Tax Rate
0.72%
Average Mchenry County Tax Rate
1.11%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balfour, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58712 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Balfour, North Dakota
In Balfour, 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 McHenry 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 Balfour, 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 Balfour helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 58712, which is also the same for the lowest median tax bill, both standing at $670.
Average Balfour Assessed Value
$93,050
Average Mchenry County Assessed Value
$74,300
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Balfour, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58712 | $93,050 | $93,050 | $93,050 | $93,050 | $93,050 |
Source: Ownwell
Property Tax Bills Across Balfour, North Dakota
In Balfour, located in McHenry County, ND, property tax bills are calculated based on the assessed value of a home. The median home price in Balfour is $93,050, and the property tax rate is determined by local taxing authorities. Homeowners in this area generally experience a consistent tax bill across various percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $670. This uniformity indicates a stable property tax environment, which can be beneficial for financial planning. To calculate the tax bill, the assessed value of the property is multiplied by the local tax rate. Factors such as property improvements, location, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Balfour's property tax environment appears relatively stable and predictable. This stability can provide homeowners with a sense of financial security, knowing that their tax obligations are unlikely to fluctuate dramatically year over year.
Average Balfour Tax Bill
$670
Average Mchenry County Tax Bill
$855
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Balfour, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58712 | $670 | $670 | $670 | $670 | $670 |
Source: Ownwell