Fairmount, North Dakota Property Taxes
The median property tax rate in Fairmount, ND is 1.46%, 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 Fairmount at $16,950, the typical annual property tax bill reaches $247, which is below the national median of $2,690. Property taxes in Fairmount 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 Fairmount'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 Fairmount 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
Fairmount, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$247
Ownwell’s Fairmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount 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 Fairmount, North Dakota
Property taxes in Fairmount, North Dakota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmount is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount 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 Fairmount's effective property tax rate to other areas and the national median. For comparison, the zip code 58030 has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these figures compare with Fairmount 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 Fairmount Tax Rate
1.46%
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 Fairmount, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58030 | 1.46% | 1.46% | 1.46% | 1.46% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Fairmount, North Dakota
In Fairmount, 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 Fairmount, 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 Fairmount helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Fairmount is 58030, with a median tax bill of $247.
Average Fairmount Assessed Value
$16,950
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 Fairmount, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58030 | $5,150 | $9,575 | $16,950 | $24,325 | $28,750 |
Source: Ownwell
Property Tax Bills Across Fairmount, North Dakota
In Fairmount, North Dakota, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Fairmount is $16,950. Property tax rates in this city are influenced by the local government's budgetary needs and the total assessed value of all properties within the jurisdiction. Homeowners in Fairmount can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $139, while at the 75th percentile, it rises to approximately $354. For those in the 90th percentile, the tax bill can reach up to $418. These figures are notably lower than the national median property tax rate of 0.99%, making Fairmount an attractive option for those looking to minimize their property tax expenses. The tax bill directly impacts homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring the community's overall well-being and development.
Average Fairmount Tax Bill
$247
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 Fairmount, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58030 | $75 | $139 | $247 | $354 | $418 |
Source: Ownwell