Norma, North Dakota Property Taxes
The median property tax rate in Norma, ND is 0.83%, which is lower than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Norma, the typical annual property tax bill reaches $229, significantly below the national median of $2,690. Property taxes in Norma are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Norma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Norma or another part of Renville County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norma, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$230
$213
Ownwell’s NORMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORMA 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 Norma, North Dakota
Property taxes in Norma, 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 Norma is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Norma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norma 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 Norma's effective property tax rate to other counties in North Dakota and the national median. For comparison, the zip code 58746 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Norma 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 Norma Tax Rate
0.83%
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 Norma, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58746 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Norma, North Dakota
In NORMA, 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 NORMA, 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 NORMA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $229.00, with the zip code 58746 reflecting this value.
Average Norma Assessed Value
$27,688
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 Norma, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58746 | $27,688 | $27,688 | $27,688 | $27,688 | $27,688 |
Source: Ownwell
Property Tax Bills Across Norma, North Dakota
In NORMA, located in Renville County, ND, property tax bills are calculated based on the assessed value of homes. The median home price in NORMA is $27,688. Property taxes are determined by applying the local tax rate to the assessed value of the property. The tax rate in NORMA is relatively low compared to the national median property tax rate of 0.99%. For homeowners in NORMA, the property tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all at $229. This uniformity indicates a stable tax environment. The highest and lowest median tax bills in the area are also $229, showing minimal variation across different neighborhoods within the zip code 58746. This stability in property tax bills provides homeowners with predictability in their annual expenses, making financial planning easier. However, it's important for homeowners to stay informed about any changes in local tax rates or assessed property values, as these can impact future tax bills.
Average Norma Tax Bill
$229
Average Renville County Tax Bill
$701
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Norma, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58746 | $229 | $229 | $229 | $229 | $229 |
Source: Ownwell