Makoti, North Dakota Property Taxes
The median property tax rate in Makoti, ND is 0.80%, which is lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With a median home value of $78,800 in Makoti, the typical annual property tax bill is $592, significantly below the national median of $2,690. Property taxes in Makoti are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Makoti'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 Makoti or another part of Mountrail County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Makoti, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$630
Ownwell’s Makoti Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Makoti with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Makoti 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 Makoti, North Dakota
Property taxes in Makoti, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Makoti is 0.80%, lower than both the North Dakota state median and the U.S. national median of 0.99%. Local government entities within Makoti set these rates annually, and they can vary significantly across different neighborhoods. Each year, Makoti 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 Makoti's effective property tax rate to other areas in Mountrail County and the national median. For comparison, the zip code 58756 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Makoti provides valuable insights into the varying tax landscape across Mountrail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Makoti Tax Rate
0.80%
Average Mountrail County Tax Rate
0.60%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Makoti, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58756 | 0.76% | 0.78% | 0.80% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Makoti, North Dakota
In Makoti, 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 Mountrail 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 Makoti, 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 Makoti helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $592, specifically in the zip code 58756.
Average Makoti Assessed Value
$78,800
Average Mountrail County Assessed Value
$139,300
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Makoti, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58756 | $73,120 | $75,250 | $78,800 | $122,600 | $148,880 |
Source: Ownwell
Property Tax Bills Across Makoti, North Dakota
In Makoti, located in Mountrail County, ND, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the home's market value, reflecting its worth in the current real estate market. Homeowners in Makoti experience property tax bills that range significantly. The 25th percentile tax bill is approximately $585, while the 75th percentile tax bill reaches around $964. For those at the higher end of the spectrum, the 90th percentile tax bill can be as much as $1,187. These figures are influenced by the median home price in the area, which stands at $78,800. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Higher assessed values lead to higher property tax bills, impacting homeowners' annual expenses. Understanding these factors helps homeowners in Makoti anticipate their financial obligations and plan accordingly.
Average Makoti Tax Bill
$592
Average Mountrail County Tax Bill
$783
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Makoti, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58756 | $581 | $585 | $592 | $964 | $1,187 |
Source: Ownwell