Underwood, North Dakota Property Taxes
The median property tax rate in Underwood, ND is 1.32%, slightly higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Underwood at $90,800, the typical annual property tax bill reaches $1,183, which is below the national median of $2,690. Property taxes in Underwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Underwood'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 Underwood 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
Underwood, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,199
$1,112
Ownwell’s Underwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Underwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Underwood 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 Underwood, North Dakota
Property taxes in Underwood, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Underwood is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Underwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Underwood 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 Underwood's effective property tax rate to other areas in North Dakota and the national median. For comparison, the zip code 58576 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Underwood provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Underwood Tax Rate
1.32%
Average Mclean County Tax Rate
1.12%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Underwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58576 | 1.32% | 1.32% | 1.32% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Underwood, North Dakota
In Underwood, 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 McLean 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 Underwood, 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 Underwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills, both at $1183, are found in the 58576 zip code.
Average Underwood Assessed Value
$90,800
Average Mclean County Assessed Value
$136,000
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Underwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58576 | $10,720 | $35,450 | $90,800 | $152,700 | $192,440 |
Source: Ownwell
Property Tax Bills Across Underwood, North Dakota
In Underwood, ND, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. For instance, the median home price in Underwood is $90,800. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. In McLean County, where Underwood is located, property taxes can vary significantly. The tax bill at the 25th percentile is $464, while at the 75th percentile, it rises to $2,019, and at the 90th percentile, it reaches $2,505. These variations depend on property values and specific exemptions or deductions that homeowners may qualify for. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Underwood can be relatively modest or substantial, impacting homeowners differently based on their property's assessed value.
Average Underwood Tax Bill
$1,183
Average Mclean County Tax Bill
$1,469
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Underwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58576 | $136 | $464 | $1,183 | $2,019 | $2,505 |
Source: Ownwell