Hammond, Montana Property Taxes
The median property tax rate in Hammond, MT is 0.35%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Hammond, the typical annual property tax bill reaches $516, significantly below the national median of $2,690. Property taxes in Hammond 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 Hammond'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 Hammond 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
Hammond, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$408
Ownwell’s Hammond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hammond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammond 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 Hammond, Montana
Property taxes in Hammond, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammond is 0.35%, lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Hammond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammond 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 Hammond's effective property tax rate to other counties in Montana and the national median. For comparison, the highest median property tax rate in Carter County is 0.55%, while the lowest median tax rate is 0.25%. Understanding how these cities compare with Hammond provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hammond Tax Rate
0.35%
Average Carter County Tax Rate
0.41%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hammond, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59332 | 0.31% | 0.32% | 0.35% | 0.38% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Hammond, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hammond, Montana. 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 Carter 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 Hammond, 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. For instance, the median home price in Hammond is $116,564, with property tax bills ranging from $319 at the 25th percentile to $925 at the 90th percentile. The zip code 59332 has both the highest and lowest median tax bill at $516. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Hammond Assessed Value
$116,564
Average Carter County Assessed Value
$74,600
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hammond, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59332 | $34,600 | $68,319 | $116,564 | $177,342 | $247,993 |
Source: Ownwell
Property Tax Bills Across Hammond, Montana
In Hammond, Carter County, MT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates properties to establish their market value. Once the market value is set, a percentage of this value is used to calculate the assessed value, which forms the basis for the property tax bill. Several factors influence the tax bill, including the home's location, size, and condition. The median home price in Hammond is $116,564. Property tax bills can vary significantly, with the 25th percentile tax bill at $319 and the 75th percentile at $637. At the higher end, the 90th percentile tax bill reaches $925. For homeowners, understanding these factors is crucial, as property taxes can impact monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Hammond's tax rates offer a unique landscape for property owners, influencing decisions on home purchases and investments.
Average Hammond Tax Bill
$516
Average Carter County Tax Bill
$421
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammond, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59332 | $188 | $319 | $516 | $637 | $925 |
Source: Ownwell