Walcott, North Dakota Property Taxes
The median property tax rate in Walcott, ND is 1.32%, 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 Walcott at $307,900, the typical annual property tax bill reaches $4,064, exceeding the national median of $2,690. Property taxes in Walcott 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 Walcott'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 Walcott or another part of Richland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walcott, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$4,064
$3,772
Ownwell’s Walcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walcott 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 Walcott, North Dakota
Property taxes in Walcott, North Dakota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walcott is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Walcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walcott 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 Walcott's effective property tax rate to other counties in North Dakota and the national median. For comparison, the zip code 58077 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Walcott 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 Walcott Tax Rate
1.32%
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 Walcott, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58077 | 1.23% | 1.30% | 1.32% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Walcott, North Dakota
In Walcott, 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 Walcott, 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 Walcott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Walcott both stand at $4,064, specifically in the 58077 zip code.
Average Walcott Assessed Value
$307,900
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 Walcott, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58077 | $201,700 | $271,650 | $307,900 | $379,700 | $491,900 |
Source: Ownwell
Property Tax Bills Across Walcott, North Dakota
In Walcott, located in Richland County, ND, property tax bills are calculated based on the assessed value of your home. The local tax assessor determines this value, which is then multiplied by the local tax rate to calculate your tax bill. For instance, with a median home price of $307,900, homeowners can expect varying tax bills. The 25th percentile tax bill is around $3,539, while those in the 75th percentile pay approximately $4,520. At the 90th percentile, the tax bill can reach up to $6,214. These figures highlight the range of property tax liabilities within the city. Factors such as property improvements, market trends, and neighborhood changes can influence the assessed value, subsequently affecting the tax bill. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations. Comparatively, the national median property tax rate is 0.99%, providing a benchmark to gauge local tax rates and their implications on household budgets.
Average Walcott Tax Bill
$4,064
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 Walcott, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58077 | $2,635 | $3,539 | $4,064 | $4,520 | $6,214 |
Source: Ownwell