Homestead, Montana Property Taxes
The median property tax rate in Homestead, MT is 0.94%, slightly lower than the national median of 0.99% but higher than the Montana state median of 0.83%. With a median home value of $230,522, the typical annual property tax bill in Homestead reaches $2,303, which is below the national median of $2,690. Property taxes in Homestead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Homestead'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 Homestead or another part of Roosevelt County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Homestead, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,167
Ownwell’s Homestead Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes with ease. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Homestead to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities, enabling better financial planning. For those interested in more granular insights, you can delve into neighborhood-level trends by scrolling down for localized information. Your property’s assessed value, determined by Roosevelt County, is crucial for these calculations and takes into account any applicable exemptions.
Property Tax Rates Across Homestead, Montana
Property taxes in Homestead, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homestead is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Homestead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homestead 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 Homestead's effective property tax rate to other counties in Montana and the national median. For comparison, the 59242 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these areas compare with Homestead provides valuable insights into the varying tax landscape across Roosevelt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homestead Tax Rate
0.94%
Average Roosevelt County Tax Rate
0.97%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homestead, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59242 | 0.83% | 0.88% | 0.94% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Homestead, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Homestead, Montana. The market value represents 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 Roosevelt 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 Homestead, 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. The median home price in Homestead is $230,522, with tax bills ranging from $2,092 at the 25th percentile to $2,843 at the 90th percentile. The highest and lowest median tax bills, both at $2,303, are found in the zip code 59242. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Homestead Assessed Value
$230,522
Average Roosevelt County Assessed Value
$76,200
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homestead, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59242 | $65,466 | $135,696 | $230,522 | $285,105 | $317,896 |
Source: Ownwell
Property Tax Bills Across Homestead, Montana
In Homestead, Roosevelt County, MT, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local government assessors who evaluate the market value of a home. Once the market value is established, it is multiplied by the assessment ratio to get the assessed value. The tax rate, which in Homestead is competitive compared to the national median property tax rate of 0.99%, is then applied to this assessed value to calculate the annual tax bill. Homeowners in Homestead can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $2,092, while the 75th percentile reaches $2,547, and the 90th percentile can go up to $2,843. This range shows how property values and corresponding tax bills can differ within the area. The highest and lowest median tax bills both stand at $2,303 in the zip code 59242, indicating a consistent tax burden across different properties. These taxes fund essential local services, impacting homeowners by contributing to community resources such as schools, roads, and emergency services.
Average Homestead Tax Bill
$2,303
Average Roosevelt County Tax Bill
$882
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Homestead, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59242 | $1,610 | $2,092 | $2,303 | $2,547 | $2,843 |
Source: Ownwell