Hot Springs, Montana Property Taxes
The median property tax rate in Hot Springs, MT is 0.90%, slightly below the national median of 0.99% but higher than the Montana state median of 0.83%. With the median home value in Hot Springs at $166,423, the typical annual property tax bill reaches $1,615, which is lower than the national median of $2,690. Property taxes in Hot Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Springs 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
Hot Springs, 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 HOT SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOT SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOT SPRINGS 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 Hot Springs, Montana
Property taxes in Hot Springs, Montana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs 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 Hot Springs' effective property tax rate to other counties in Montana and the national median. For comparison, the 59845 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Hot Springs provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Tax Rate
0.90%
Average Lake County Tax Rate
0.67%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59845 | 0.75% | 0.84% | 0.90% | 0.95% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hot Springs, 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 Lake 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 Hot Springs, 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 Hot Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hot Springs, the highest and lowest median tax bills are both $1,615 in the 59845 zip code, reflecting a consistent tax burden across the area.
Average Hot Springs Assessed Value
$166,423
Average Lake County Assessed Value
$340,373
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59845 | $8,640 | $85,173 | $166,423 | $246,832 | $320,219 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Montana
In Hot Springs, Lake County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The national median property tax rate is 0.99%, but local rates can vary. Several factors influence the assessed value, including the property's market value, condition, and any improvements made. For example, the median home price in Hot Springs is $166,423. Homeowners in the 25th percentile pay around $1,212 annually, while those in the 75th percentile see tax bills closer to $2,342. In some cases, like the 90th percentile, tax bills can reach up to $4,645. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities. Higher assessed values generally lead to higher tax bills, impacting overall affordability and long-term financial planning. In Lake County, the highest and lowest median tax bills both stand at $1,615, highlighting the range of potential tax burdens.
Average Hot Springs Tax Bill
$1,615
Average Lake County Tax Bill
$2,601
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59845 | $572 | $1,212 | $1,615 | $2,342 | $4,645 |
Source: Ownwell