Colfax, North Dakota Property Taxes
The median property tax rate in Colfax, ND is 1.10%, slightly higher than the national median of 0.99% but lower than the North Dakota state median of 1.30%. With a median home value of $197,350 in Colfax, the typical annual property tax bill amounts to $2,175, which is below the national median of $2,690. Property taxes in Colfax are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Colfax'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 Colfax 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
Colfax, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,171
$2,014
Ownwell’s Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, North Dakota
Property taxes in Colfax, North Dakota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other areas in North Dakota and the national median. For comparison, the 58018 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Colfax provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
1.10%
Average Richland County Tax Rate
1.58%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58018 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, North Dakota
In Colfax, 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 Richland 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 Colfax, 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 Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $2,175, found in zip code 58018.
Average Colfax Assessed Value
$197,350
Average Richland County Assessed Value
$121,100
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58018 | $93,630 | $132,525 | $197,350 | $262,175 | $301,070 |
Source: Ownwell
Property Tax Bills Across Colfax, North Dakota
In Colfax, Richland County, ND, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the market value of the property. With a median home price of $197,350, homeowners in Colfax can expect their property tax bill to vary significantly depending on their home's assessed value and the specific tax rates applied in their area. The tax bill in Colfax can range from the 25th percentile at $1,461 to the 75th percentile at $2,889, with the 90th percentile reaching up to $3,318. This variation reflects the differences in property values and assessment ratios within the region. For homeowners, these property taxes are a crucial factor in annual budgeting, impacting their overall cost of living. Compared to the national median property tax rate of 0.99%, Colfax's property taxes can be relatively moderate, but the specific amount owed will ultimately depend on the assessed value and the applicable local tax rates.
Average Colfax Tax Bill
$2,175
Average Richland County Tax Bill
$1,800
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58018 | $1,032 | $1,461 | $2,175 | $2,889 | $3,318 |
Source: Ownwell