What is the “taxable value” of my property?

In North Dakota, the taxable value of property is generally determined by the local county assessor. This value is based on the property’s market value, which is the estimated price of the property if it were to be sold on the open market. This value is calculated annually and is used to determine how much property taxes must be paid. The taxable value of a property in North Dakota is often lower than the actual market value. This difference is called the “taxable value.” This value is determined by subtracting any exemptions, such as for Homestead, Veterans, or Disabled Persons, from the market value of the property. Any deductions or credits for Property Taxes that have been approved by the state or local governments are also subtracted from the market value of the property. The remaining amount is the taxable value. The amount of property tax due is based on the taxable value of the property. The taxable value is multiplied by the local tax rate to determine the amount of taxes that must be paid. This amount is then divided into two equal payments, one of which is due in February and the other in May. By understanding the “taxable value” of a property in North Dakota, taxpayers can accurately calculate how much property tax they will owe. Knowing the taxable value of a property is also essential to understanding an individual’s responsibilities under North Dakota’s Property Tax Law.

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What is the “taxable value” of my property?

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