Busby, Montana Property Taxes
The median property tax rate in Busby, MT is 0.98%, slightly below the national median of 0.99% but higher than the Montana state median of 0.83%. With the median home value in Busby, the typical annual property tax bill reaches $987, significantly lower than the national median of $2,690. Property taxes in Busby are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Busby'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 Busby or elsewhere in Big Horn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Busby, Montana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,660
Ownwell’s Busby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Busby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Busby 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 Busby, Montana
Property taxes in Busby, Montana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Busby is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Busby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Busby 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 Busby's effective property tax rate to other areas in Big Horn County and the national median. For comparison, the zip code 59016 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Busby 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 Busby Tax Rate
0.98%
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 Busby, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59016 | 0.80% | 0.95% | 0.98% | 1.03% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Busby, Montana
In Busby, 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 Big Horn 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. 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 Busby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Busby is $987, with the highest and lowest median tax bills both found in zip code 59016.
Average Busby Assessed Value
$40,615
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 Busby, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59016 | $6,932 | $9,800 | $40,615 | $100,885 | $221,048 |
Source: Ownwell
Property Tax Bills Across Busby, Montana
In Busby, located in Big Horn County, MT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The calculation starts with determining the market value of a home, which is then assessed by local authorities to derive the taxable value. This taxable value is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $40,615, homeowners in Busby can expect varying tax bills. The 25th percentile tax bill is around $446, while those in the 75th percentile pay approximately $2,028. At the higher end, the 90th percentile tax bill reaches about $3,663. These figures highlight the range of property tax burdens within the community. Comparatively, the national median property tax rate is 0.99%, making Busby's tax rates relatively moderate. Understanding these factors helps homeowners budget for their annual expenses and anticipate fluctuations in their tax obligations based on changes in property values and local tax rates.
Average Busby Tax Bill
$987
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 Busby, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59016 | $140 | $446 | $987 | $2,028 | $3,663 |
Source: Ownwell