Bighorn, Montana Property Taxes
The median property tax rate in Bighorn, MT is 1.12%, considerably higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Bighorn, the typical annual property tax bill reaches $2,132, still below the national median of $2,690. Property taxes in Bighorn 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 Bighorn'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 Bighorn 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
Bighorn, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,786
Ownwell’s Bighorn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bighorn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bighorn 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 Bighorn, Montana
Property taxes in Bighorn, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bighorn is 1.12%, higher than the U.S. national median of 0.99%. Local government entities within Bighorn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bighorn 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 Bighorn's effective property tax rate to other counties in Montana and the national median. For comparison, the 59010 zip code has both the highest and lowest median property tax rate of 1.12%. Understanding how these areas compare with Bighorn provides valuable insights into the varying tax landscape across Big Horn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bighorn Tax Rate
1.12%
Average Big Horn County Tax Rate
1.09%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bighorn, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59010 | 1.02% | 1.05% | 1.12% | 1.16% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Bighorn, Montana
In Bighorn, Montana, 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 local 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 Bighorn, 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 Bighorn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 59010 at $2132, while the lowest is also 59010 at $2132.
Average Bighorn Assessed Value
$159,427
Average Big Horn County Assessed Value
$96,282
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bighorn, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59010 | $15,818 | $87,779 | $159,427 | $207,012 | $336,011 |
Source: Ownwell
Property Tax Bills Across Bighorn, Montana
In Bighorn, property tax bills are calculated by multiplying the assessed value of a home by the local property tax rate. The assessed value, determined by the county assessor, is a percentage of the property's market value. This rate can fluctuate based on various factors, including changes in the real estate market and local government budget needs. For homeowners in Bighorn, the median home price stands at $159,427, with property tax bills varying significantly. The 25th percentile tax bill is around $1,478, while those in the 75th percentile pay approximately $2,916. At the 90th percentile, homeowners face tax bills as high as $4,048. These property taxes fund essential community services such as schools, public safety, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Bighorn's rates are reflective of the region's economic conditions and funding requirements. Homeowners must stay informed about their property's assessed value and any changes in local tax rates to manage their financial obligations effectively.
Average Bighorn Tax Bill
$2,132
Average Big Horn County Tax Bill
$1,275
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Bighorn, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59010 | $1,074 | $1,478 | $2,132 | $2,916 | $4,048 |
Source: Ownwell