Milltown, Montana Property Taxes
The median property tax rate in Milltown, MT is 0.72%, lower than both the national median of 0.99% and Montana's state median of 0.83%. With a median home value of $272,050 in Milltown, the typical annual property tax bill is $1,854, which is significantly below the national median of $2,690. Property taxes in Milltown are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Milltown'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 Milltown or another part of Missoula County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milltown, 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 Milltown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milltown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milltown 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 Milltown, Montana
Property taxes in Milltown, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milltown is 0.72%, lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Milltown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milltown 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 Milltown's effective property tax rate to other counties in Montana and the national median. For comparison, the 59851 zip code has the highest median property tax rate of 0.72%, while the 59851 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Milltown provides valuable insights into the varying tax landscape across Missoula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milltown Tax Rate
0.72%
Average Missoula County Tax Rate
0.91%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milltown, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59851 | 0.25% | 0.60% | 0.72% | 0.82% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Milltown, Montana
In Milltown, 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 Missoula 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 Milltown, 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 Milltown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milltown is in zip code 59851, amounting to $1854.
Average Milltown Assessed Value
$272,050
Average Missoula County Assessed Value
$411,800
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milltown, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59851 | $153,778 | $211,275 | $272,050 | $334,559 | $441,160 |
Source: Ownwell
Property Tax Bills Across Milltown, Montana
In Milltown, property tax bills are determined based on the assessed value of a home, which is established by the local tax assessor. This value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Milltown is $272,050, influencing the overall tax responsibility for homeowners. For instance, the tax bill at the 25th percentile is $1,359, while at the 75th percentile, it reaches $2,555. At the 90th percentile, homeowners may see tax bills as high as $3,355. These figures highlight the variability in tax bills, reflecting differences in property values and the specific rates applied. Compared to the national median property tax rate of 0.99%, Milltown's rates can significantly impact homeowners' finances. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and budget accordingly. By being aware of how property taxes are calculated, homeowners can better navigate their financial planning and ensure they are prepared for their tax liabilities.
Average Milltown Tax Bill
$1,854
Average Missoula County Tax Bill
$3,741
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Milltown, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59851 | $746 | $1,359 | $1,854 | $2,555 | $3,355 |
Source: Ownwell