Fallon, Montana Property Taxes
The median property tax rate in Fallon, MT is 0.80%, slightly lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Fallon at $57,705, the typical annual property tax bill is $497, which is significantly below the national median of $2,690. Property taxes in Fallon 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 Fallon’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 Fallon 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
Fallon, 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 Fallon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fallon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fallon 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 Fallon, Montana
Property taxes in Fallon, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fallon is 0.80%, lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Fallon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fallon 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 Fallon's effective property tax rate to other counties in Montana and the national median. For comparison, the 59341 zip code has the highest median property tax rate of 1.00%, while the 59326 zip code has the lowest median tax rate of 0.80%. Understanding how these cities compare with Fallon provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fallon Tax Rate
0.80%
Average Prairie County Tax Rate
1.05%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fallon, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59326 | 0.79% | 0.80% | 0.80% | 0.84% | 1.03% |
| 59341 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Fallon, Montana
In Fallon, 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 Prairie 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. Assessment notices in Fallon 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 Fallon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Fallon, the highest median tax bill is $504 in the 59326 zip code, while the lowest median tax bill is $470 in the 59341 zip code.
Average Fallon Assessed Value
$57,705
Average Prairie County Assessed Value
$64,200
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fallon, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59326 | $3,267 | $11,201 | $58,910 | $115,200 | $199,554 |
| 59341 | $47,124 | $47,124 | $47,124 | $47,124 | $47,124 |
Source: Ownwell
Property Tax Bills Across Fallon, Montana
In Fallon, located in Prairie 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 the property's market value and then applies an assessment ratio. This value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Fallon, the tax burden can vary significantly. For instance, the tax bill at the 25th percentile is $106, while it rises to $1,075 at the 75th percentile, and reaches $2,058 at the 90th percentile. The highest median tax bill in the area is $504, found in the 59326 zip code, and the lowest median tax bill is $470 in the 59341 zip code. Given the national median property tax rate of 0.99%, understanding these local factors can help homeowners better anticipate their tax responsibilities.
Average Fallon Tax Bill
$497
Average Prairie County Tax Bill
$652
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Fallon, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59326 | $33 | $105 | $504 | $1,076 | $2,071 |
| 59341 | $470 | $470 | $470 | $470 | $470 |
Source: Ownwell