Hope, North Dakota Property Taxes
The median property tax rate in Hope, ND is 2.24%, significantly higher than both the national median of 0.99% and the North Dakota state median of 1.30%. With the median home value in Hope, the typical annual property tax bill reaches $1,882, which is below the national median of $2,690. Property taxes in Hope are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hope'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 Hope or another part of Steele County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope, North Dakota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$2,059
$1,911
Ownwell’s HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, North Dakota
Property taxes in Hope, 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 Hope is 1.25%, higher than both the North Dakota state median of 0.99% and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other counties in North Dakota and the national median. For comparison, the 58046 zip code has the highest median property tax rate of 1.25%, while the 58046 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Hope provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
2.24%
Average Steele County Tax Rate
1.11%
Average North Dakota Tax Rate
1.30%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58046 | 1.20% | 1.60% | 2.24% | 3.02% | 3.69% |
Source: Ownwell
Property Tax Assessment Values Across Hope, North Dakota
In Hope, 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 local authorities 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 Hope, 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 Hope 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 $1882, found in the 58046 zip code.
Average Hope Assessed Value
$91,914
Average Steele County Assessed Value
$95,786
Average North Dakota Assessed Value
$217,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58046 | $34,803 | $57,628 | $91,914 | $135,659 | $175,511 |
Source: Ownwell
Property Tax Bills Across Hope, North Dakota
In Hope, located in Steele 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 is typically a percentage of the market value of the property. For instance, with a median home price of $91,914, homeowners in Hope can expect their property tax bills to vary. Several factors influence the final tax bill, including the home's location, size, and any applicable exemptions. For instance, in Steele County, the 25th percentile tax bill is around $1,600, while the 75th percentile reaches up to $1,943. The highest median tax bill recorded in the area is $1,882, which is notably higher than the national median property tax rate of 0.99%. These property taxes significantly impact homeowners, affecting their annual expenses and potentially influencing their decisions on home improvements or even relocation. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Hope Tax Bill
$1,882
Average Steele County Tax Bill
$1,249
Average North Dakota Tax Bill
$2,659
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, North Dakota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 58046 | $1,125 | $1,600 | $1,882 | $1,943 | $2,017 |
Source: Ownwell