Velva, North Dakota Property Taxes
The median property tax rate in Velva, ND is 1.43%, which is significantly higher than the national median of 0.99% and the North Dakota state median of 1.30%. With a median home value of $88,550 in Velva, the typical annual property tax bill amounts to $1,310, surpassing the national median of $2,690. Property taxes in Velva are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Velva'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 Velva 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
Velva, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$1,266
$1,175
Ownwell’s Velva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Velva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Velva 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 Velva, North Dakota
Property taxes in Velva, North Dakota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Velva is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Velva set these rates annually, and they can vary across different neighborhoods. Each year, Velva 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 Velva's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58790 zip code has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Velva 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 Velva Tax Rate
1.43%
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 Velva, 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, North Dakota
In Velva, 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 Velva, 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 Velva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 58790, with a median tax bill of $1310.
Average Velva Assessed Value
$88,550
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 Velva, 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, North Dakota
In Velva, McHenry County, ND, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the market value of the home, which is then taxed based on the county's rate. For instance, with a median home price of $88,550, homeowners can expect their tax bills to vary significantly depending on their property's assessed value and the specific tax rate applied. Factors that influence the tax bill include the market value of the property, any applicable exemptions, and the local tax rate. In Velva, the tax bill can range widely, with the 25th percentile at $945 and the 75th percentile reaching $1,537. For those at the higher end, the 90th percentile tax bill soars to $2,501. This variability can significantly impact homeowners, making it essential to understand how these factors interplay to affect their annual tax obligations. Comparing these figures to the national median property tax rate of 0.99% highlights the relative affordability or expense of property taxes in Velva.
Average Velva Tax Bill
$1,310
Average Mchenry County Tax Bill
$855
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Velva, 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