Fort Smith, Montana Property Taxes
The median property tax rate in Fort Smith, MT is 1.02%, slightly above the national median of 0.99% and significantly higher than the Montana state median of 0.83%. With a median home value of $50,724 in Fort Smith, the typical annual property tax bill reaches $675, which is below the national median of $2,690. Property taxes in Fort Smith 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 Fort Smith'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 Fort Smith 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
Fort Smith, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$517
Ownwell’s FORT SMITH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT SMITH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT SMITH 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 Fort Smith, Montana
Property taxes in Fort Smith, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Smith is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Fort Smith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Smith 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 Fort Smith's effective property tax rate to other counties in Montana and the national median. For comparison, the 59035 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these areas compare with Fort Smith 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 Fort Smith Tax Rate
1.02%
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 Fort Smith, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59035 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Fort Smith, Montana
In Fort Smith, 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. In Fort Smith, 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 Fort Smith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $675 in zip code 59035, which is significantly lower than the national median property tax rate of 0.99%.
Average Fort Smith Assessed Value
$50,724
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 Fort Smith, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59035 | $8,047 | $19,332 | $50,724 | $106,851 | $238,758 |
Source: Ownwell
Property Tax Bills Across Fort Smith, Montana
In Fort Smith, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value determined by the county assessor's office. For homeowners, this means that the higher the assessed value, the higher the property tax bill. Several factors influence the assessed value, including the home's location, size, age, and any improvements or renovations made. In Big Horn County, where Fort Smith is located, the median home price is $50,724. Property tax bills can vary significantly, with the 25th percentile tax bill at $344 and the 75th percentile reaching $1,303. At the 90th percentile, homeowners might see tax bills as high as $2,808. These figures show a considerable range, reflecting the diversity in property values and the corresponding tax obligations within the area. For comparison, the national median property tax rate is 0.99%, making it crucial for homeowners in Fort Smith to understand how their specific circumstances impact their tax bills.
Average Fort Smith Tax Bill
$675
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 Fort Smith, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59035 | $161 | $344 | $675 | $1,303 | $2,808 |
Source: Ownwell