Inverness, Montana Property Taxes
The median property tax rate in Inverness, MT is 0.75%, which is lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Inverness at $101,694, the typical annual property tax bill amounts to $810, well below the national median of $2,690. Property taxes in Inverness 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 Inverness'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 Inverness or another part of Hill County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inverness, 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 Inverness Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inverness with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inverness 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 Inverness, Montana
Property taxes in Inverness, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inverness is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Inverness set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inverness 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 Inverness's effective property tax rate to other counties in Montana and the national median. For comparison, the 59530 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Inverness provides valuable insights into the varying tax landscape across Hill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inverness Tax Rate
0.75%
Average Hill County Tax Rate
1.13%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inverness, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59530 | 0.65% | 0.70% | 0.75% | 0.83% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Inverness, Montana
In Inverness, 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 Hill 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 Inverness, 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. The zip code with the highest median tax bill is 59530, with a median bill of $810. Being aware of these valuation processes in Inverness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Inverness Assessed Value
$101,694
Average Hill County Assessed Value
$169,254
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inverness, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59530 | $10,773 | $33,448 | $101,694 | $204,698 | $315,872 |
Source: Ownwell
Property Tax Bills Across Inverness, Montana
In Inverness, Hill County, MT, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $101,694, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $374, while at the 75th percentile, it rises to approximately $1,530. For those at the 90th percentile, the tax bill can reach up to $2,818. These tax bills can significantly impact homeowners, influencing their overall housing costs and budgeting. Compared to the national median property tax rate of 0.99%, the rates in Inverness may offer some relief or pose a higher burden depending on individual property values and specific local rates. Understanding these factors is crucial for homeowners to manage their finances effectively and plan for future expenses.
Average Inverness Tax Bill
$810
Average Hill County Tax Bill
$1,886
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Inverness, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59530 | $105 | $374 | $810 | $1,530 | $2,818 |
Source: Ownwell