Sherwood, North Dakota Property Taxes
The median property tax rate in Sherwood, North Dakota is 1.30%, aligning with the state median but significantly higher than the national median of 0.99%. With a median home value of $26,340 in Sherwood, the typical annual property tax bill amounts to $311, which is considerably lower than the national median of $2,690. Property taxes in Sherwood are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Sherwood'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 Sherwood or another part of Renville County, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Sherwood, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$342
Ownwell’s Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, North Dakota
Property taxes in Sherwood, 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 Sherwood is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other counties in North Dakota and the national median. For comparison, the zip code 58782 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Sherwood 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 Sherwood Tax Rate
1.30%
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 Sherwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58782 | 0.85% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, North Dakota
In Sherwood, 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 Sherwood, 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sherwood is $26,340, with tax bills ranging from $176 at the 25th percentile to $1,010 at the 90th percentile. The zip code 58782 has both the highest and lowest median tax bill at $311.
Average Sherwood Assessed Value
$26,340
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 Sherwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58782 | $5,483 | $14,495 | $26,340 | $47,740 | $78,592 |
Source: Ownwell
Property Tax Bills Across Sherwood, North Dakota
In Sherwood, property tax bills are calculated based on the assessed value of a home, which is determined by the Renville County tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Sherwood, the median home price is $26,340. The property tax rate in this area is aligned with the county's standards, resulting in varying tax bills. For instance, homeowners in the 25th percentile typically face a tax bill of $176, while those in the 75th percentile see bills around $616. At the 90th percentile, tax bills can reach up to $1,010. These figures contrast with the national median property tax rate of 0.99%, highlighting the unique tax landscape in Sherwood. Understanding these factors is crucial for homeowners, as property taxes significantly impact annual budgets and long-term financial planning. Being aware of how assessments and tax rates interplay helps residents anticipate their financial obligations more accurately.
Average Sherwood Tax Bill
$311
Average Renville County Tax Bill
$701
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58782 | $67 | $176 | $311 | $616 | $1,010 |
Source: Ownwell