Hot Springs, Montana Property Taxes
The median property tax rate in Hot Springs, MT is 1.18%, considerably higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Hot Springs at $121,015, the typical annual property tax bill reaches $1,349, exceeding the national median of $2,690. Property taxes in Hot Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the 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
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,428
Ownwell’s Hot Springs Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential property owners looking to estimate their annual property taxes in Hot Springs. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hot Springs to provide an accurate estimate of your property tax bill. This powerful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value, determined by Sanders County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Hot Springs, Montana
Property taxes in Hot Springs, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 1.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can differ notably across various 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 both the highest and lowest median property tax rate of 1.18%. Understanding how these areas compare with Hot Springs provides valuable insights into the varying tax landscape across Sanders County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Tax Rate
1.18%
Average Sanders County Tax Rate
0.66%
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 | 0.42% | 0.87% | 1.18% | 1.29% | 1.76% |
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 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 Sanders 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. The highest and lowest median tax bills in the area both amount to $1,349, located in zip code 59845.
Average Hot Springs Assessed Value
$121,015
Average Sanders County Assessed Value
$243,800
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 | $11,200 | $61,954 | $121,015 | $183,996 | $270,341 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Montana
In Hot Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For homeowners in Hot Springs, the median home price is $121,015. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property characteristics, location, and any applicable exemptions. For instance, homeowners at the 25th percentile can expect a tax bill of around $572, while those at the 75th percentile might see a bill closer to $2,167. At the 90th percentile, tax bills can reach up to $3,172. These variations highlight the impact of property value and location on tax obligations. For homeowners, understanding these factors is crucial as they directly affect annual financial planning. Compared to the national median property tax rate of 0.99%, Hot Springs offers a range of tax bills that reflect its unique property market dynamics.
Average Hot Springs Tax Bill
$1,349
Average Sanders County Tax Bill
$1,839
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 | $302 | $572 | $1,349 | $2,167 | $3,172 |
Source: Ownwell