Loraine, North Dakota Property Taxes
The median property tax rate in Loraine, ND is 1.38%, 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 Loraine, the typical annual property tax bill reaches $334, which is significantly lower than the national median of $2,690. Property taxes in Loraine 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 Loraine'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 Loraine 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
Loraine, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$333
$309
Ownwell’s Loraine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loraine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loraine 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 Loraine, North Dakota
Property taxes in Loraine, North Dakota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loraine is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Loraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loraine 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 Loraine's effective property tax rate to other areas in North Dakota and the national median. For comparison, the zip code 58761 has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these rates compare with Loraine provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loraine Tax Rate
1.38%
Average Renville County Tax Rate
1.30%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loraine, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58761 | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Loraine, North Dakota
In Loraine, 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 Renville 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 Loraine, 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 Loraine is $24,110, with the median tax bill being $334. 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 Loraine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loraine Assessed Value
$24,110
Average Renville County Assessed Value
$65,650
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loraine, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58761 | $24,110 | $24,110 | $24,110 | $24,110 | $24,110 |
Source: Ownwell
Property Tax Bills Across Loraine, North Dakota
In Loraine, Renville County, ND, property tax bills are determined based on the assessed value of your home. The assessed value is a percentage of the market value, which is influenced by factors such as property size, location, and condition. In Loraine, the median home price is $24,110, and the property tax rate is applied to this assessed value to calculate the annual tax bill. The median property tax bill in Loraine is $334, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in Loraine can expect their tax bills to be relatively stable, as the 25th, 75th, and 90th percentile tax bills are all $334. This consistency provides a predictable financial environment for residents. Lower property taxes can make homeownership more affordable, but it's essential to consider how these taxes contribute to local services and infrastructure. Understanding how your property tax bill is calculated can help you better manage your finances and anticipate future expenses.
Average Loraine Tax Bill
$334
Average Renville County Tax Bill
$701
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Loraine, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58761 | $334 | $334 | $334 | $334 | $334 |
Source: Ownwell