Otter, Montana Property Taxes
The median property tax rate in Otter, MT is 0.64%, which is notably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Otter at $86,340, the typical annual property tax bill is $649, significantly below the national median of $2,690. Property taxes in Otter 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 Otter's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Otter or another part of Powder River County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otter, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$553
Ownwell’s OTTER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OTTER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OTTER 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 Otter, Montana
Property taxes in Otter, Montana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otter is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Otter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otter 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 Otter's effective property tax rate to other regions in Montana and the national median. For comparison, the 59062 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these areas compare with Otter provides valuable insights into the varying tax landscape across Powder River County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otter Tax Rate
0.64%
Average Powder River County Tax Rate
0.65%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otter, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59062 | 0.57% | 0.59% | 0.64% | 0.67% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Otter, Montana
In Otter, 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 Powder River 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 Otter, 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 Otter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Otter is $649 in the 59062 zip code, while the lowest median tax bill is also $649 in the same zip code.
Average Otter Assessed Value
$86,340
Average Powder River County Assessed Value
$86,358
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otter, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59062 | $7,458 | $33,215 | $86,340 | $169,966 | $211,816 |
Source: Ownwell
Property Tax Bills Across Otter, Montana
In Otter, within Powder River 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 and may differ from the market value. Once the assessed value is established, it is multiplied by the local property tax rate to determine the tax bill. For homeowners in Otter, the median home price stands at $86,340. Property tax bills can vary significantly, with the 25th percentile tax bill at $307 and the 75th percentile reaching $1,147. The 90th percentile tax bill can go as high as $1,390. Comparatively, Powder River County's highest and lowest median tax bill both stand at $649, showing a relatively stable range. With the national median property tax rate at 0.99%, homeowners in Otter may find their tax obligations relatively manageable, depending on their property's assessed value. Understanding these factors can help homeowners anticipate their annual property tax expenses and budget accordingly.
Average Otter Tax Bill
$649
Average Powder River County Tax Bill
$666
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Otter, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59062 | $188 | $307 | $649 | $1,147 | $1,390 |
Source: Ownwell