Laurel, Montana Property Taxes
The median property tax rate in Laurel, MT is 0.60%, significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Laurel at $345,670, the typical annual property tax bill is $2,059, which is below the national median of $2,690. Property taxes in Laurel 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 Laurel'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 Laurel or another part of Carbon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$2,074
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Montana
Property taxes in Laurel, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Montana and the national median. For comparison, the zip code 59044 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Laurel provides valuable insights into the varying tax landscape across Carbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
0.60%
Average Carbon County Tax Rate
0.61%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59044 | 0.60% | 0.60% | 0.60% | 0.60% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Montana
In Laurel, 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 Carbon 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 59044 has the highest and lowest median tax bill, both at $2059.
Average Laurel Assessed Value
$345,670
Average Carbon County Assessed Value
$299,384
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59044 | $184,768 | $266,000 | $345,670 | $438,175 | $524,490 |
Source: Ownwell
Property Tax Bills Across Laurel, Montana
In Laurel, Carbon County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For instance, the median home price in Laurel is $345,670. Homeowners in the 25th percentile typically see tax bills around $1,628, while those in the 75th percentile face bills closer to $2,620. At the 90th percentile, tax bills can reach up to $3,299. The local tax rate and assessed property value are crucial factors in determining the final tax bill. Homeowners should be aware that properties in Laurel have a median tax bill of $2,059, which is relatively close to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances more effectively.
Average Laurel Tax Bill
$2,059
Average Carbon County Tax Bill
$2,004
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59044 | $1,112 | $1,628 | $2,059 | $2,620 | $3,299 |
Source: Ownwell