Velva, Mchenry County, North Dakota Property Taxes

Name: Property Tax Bills Across Velva, Mchenry County, North Dakota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Velva, ND effective property tax rate: 1.43%, significantly higher than the national median of 1.02%, but lower than the North Dakota state median of 1.30%.
Median Velva, ND home value: $88,550
Median annual Velva, ND tax bill: $1,310, $1,090 lower than the national median property tax bill of $2,400.

How are property taxes in McHenry calculated?

Property taxes in Velva, ND are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Velva’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Velva, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Velva, Mchenry County, North Dakota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.43%

Estimate Property Tax Bill

$1,266

$1,175

Ownwell’s Velva Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Velva with just two data points. By entering your property's estimated assessed value, our calculator applies Velva’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McHenry County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Velva, Mchenry County, North Dakota

Local government entities determine tax rates, and these can differ significantly within a state. Each year, counties calculate their necessary budget for public services and divide this by the total assessed value of all taxable properties in their area. This calculation establishes the property tax rate. While votes and legislation play a role in setting these rates and budgets, this is the essence of the annual process.

In Velva, located in McHenry County, the effective property tax rate is a crucial factor for homeowners. Comparing Velva's rate to other cities within North Dakota provides valuable insight into local tax burdens. Additionally, understanding how Velva's rate aligns with both the state and national median property tax rates can help homeowners assess their financial obligations. The national median property tax rate stands at 1.02%, with a median bill of $2400. By examining these comparisons, property owners in Velva can make informed decisions about their real estate investments and financial planning.

Property Tax Rates Across Velva, Mchenry County, North Dakota

Source: Ownwell

1.18%

1.30%

1.43%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Velva Tax Rate

1.43%

Median Effective Mchenry County Tax Rate

1.11%

Median Effective North Dakota Tax Rate

1.30%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Velva, Mchenry County, North Dakota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
58790	0.92%	1.43%	1.43%	1.43%	1.43%

Source: Ownwell

Property Tax Assessment Values Across Velva, Mchenry County, North Dakota

When examining property taxes in Velva, ND, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McHenry County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In McHenry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Velva. For example, the median home price in Velva is $88,550, with tax bills ranging significantly across the county. Zip code 58790 has the highest median home price at $88,550.

Property Tax Assessment Values Across Velva, Mchenry County, North Dakota

Source: Ownwell

$62,250

$75,400

$88,550

Median Velva Market Value

$88,550

Median Mchenry County Market Value

$74,300

Median North Dakota Market Value

$217,800

Median United States Market Value

$235,294

Property Tax Assessment Values Across Velva, Mchenry County, North Dakota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
58790	$27,080	$58,775	$88,550	$152,900	$197,360

Source: Ownwell

Property Tax Bills Across Velva, Mchenry County, North Dakota

In Velva, located in McHenry County, ND, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Velva is $88,550, and the median property tax bill is $1,310. This is notably higher than the national median property tax bill of $2,400, despite the lower median home price, indicating a relatively high tax rate in the area. Factors such as property size, location, and improvements can affect the assessed value and, consequently, the tax bill. For homeowners, these taxes can represent a significant financial burden. Ownwell offers property tax appeal and exemption services to help homeowners in Velva potentially lower their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists homeowners in challenging over-assessments, ensuring they pay only their fair share, thereby potentially saving them money on their property taxes.

Property Tax Bills Across Velva, Mchenry County, North Dakota

Source: Ownwell

$598

$954

$1,310

Median Velva Tax Bill

$1,310

Median Mchenry County Tax Bill

$855

Median North Dakota Tax Bill

$2,659

Median United States Tax Bill

$2,400

Property Tax Bills Across Velva, Mchenry County, North Dakota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
58790	$666	$945	$1,310	$1,537	$2,501

Source: Ownwell