Lakota, Nelson County, North Dakota Property Taxes
The median property tax rate in Lakota, ND is 1.45%, considerably higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Lakota at $93,332, the typical annual property tax bill reaches $1,119, which is below the national median of $2,690. Property taxes in Lakota 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 Lakota'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 Lakota or another part of Nelson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakota, Nelson County, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,353
$1,256
Ownwell’s Lakota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakota 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 Lakota, Nelson County, North Dakota
Property taxes in Lakota, North Dakota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakota is 1.45%, significantly higher than both the North Dakota state median and the U.S. national median of 0.99%. Local government entities within Lakota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakota 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 Lakota's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58344 zip code has the highest median property tax rate of 1.45%, while the same 58344 zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Lakota provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakota Tax Rate
1.45%
Average Nelson County Tax Rate
1.45%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakota, Nelson County, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58344 | 1.37% | 1.44% | 1.45% | 1.45% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Lakota, Nelson County, North Dakota
In Lakota, 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 Nelson 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 Lakota, 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. The median home price in Lakota is $93,332. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in Lakota is $1,119 in the 58344 zip code, while the lowest median tax bill is also $1,119 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lakota, Nelson County, North Dakota
Source: Ownwell
$93,332
$93,332
$93,332
Average Lakota Assessed Value
$93,332
Average Nelson County Assessed Value
$33,165
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakota, Nelson County, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58344 | $10,708 | $26,207 | $93,332 | $99,960 | $102,582 |
Source: Ownwell
Property Tax Bills Across Lakota, Nelson County, North Dakota
In Lakota, located in Nelson County, ND, property tax bills are calculated based on the assessed value of a home. The assessed value is derived from the market value of the property, which is determined by local assessors. Once the assessed value is established, a tax rate, often referred to as a mill rate, is applied. This rate is set by local government entities and can vary annually depending on budgetary needs. Homeowners in Lakota face a range of property tax bills. For instance, the 25th percentile tax bill is approximately $542, while the 75th percentile reaches around $1,463. At the 90th percentile, homeowners could see bills as high as $1,575. These figures illustrate the variability in tax burdens depending on property values and the specific assessment. Compared to the national median property tax rate of 0.99%, Lakota's property taxes can be relatively moderate, depending on individual property assessments. This system ensures that homeowners contribute fairly to local services and infrastructure, but it also means that higher-valued properties will bear a larger share of the tax burden.
Average Lakota Tax Bill
$1,119
Average Nelson County Tax Bill
$558
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakota, Nelson County, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58344 | $247 | $542 | $1,119 | $1,463 | $1,575 |
Source: Ownwell