Melrose, Montana Property Taxes
The median property tax rate in Melrose, MT is 0.84%, slightly higher than the state median of 0.83% but lower than the national median of 0.99%. With a median home value of $207,300 in Melrose, the typical annual property tax bill is $1,846, which is below the national median of $2,690. Property taxes in Melrose are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Melrose'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 Melrose or another part of Silver Bow County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melrose, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,741
Ownwell’s Melrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melrose 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 Melrose, Montana
Property taxes in Melrose, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melrose is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Melrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melrose 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 Melrose's effective property tax rate to other counties in Montana and the national median. For comparison, the 59743 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Melrose provides valuable insights into the varying tax landscape across Silver Bow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melrose Tax Rate
0.84%
Average Silver Bow County Tax Rate
1.08%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melrose, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59743 | 0.77% | 0.82% | 0.84% | 0.90% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Melrose, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Melrose, MT. 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 Silver Bow 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 Melrose, 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 Melrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Melrose is $1,846 in zip code 59743, while the lowest is also $1,846 in the same zip code.
Average Melrose Assessed Value
$207,300
Average Silver Bow County Assessed Value
$209,800
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melrose, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59743 | $40,540 | $124,596 | $207,300 | $277,340 | $420,725 |
Source: Ownwell
Property Tax Bills Across Melrose, Montana
In Melrose, located in Silver Bow County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once this value is established, the local tax rate is applied to calculate the tax bill. Various factors influence this calculation, including the property's location, size, and any improvements made. For homeowners in Melrose, the median home price is $207,300. Property tax bills can vary significantly, with the 25th percentile at $1,150 and the 75th percentile at $2,389. At the higher end, the 90th percentile tax bill reaches $4,109. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Melrose homeowners experience a diverse range of tax bills, reflecting the unique characteristics of each property and the local tax policies. This variability can significantly impact homeowners' financial planning and overall cost of living.
Average Melrose Tax Bill
$1,846
Average Silver Bow County Tax Bill
$2,299
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Melrose, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59743 | $543 | $1,150 | $1,846 | $2,389 | $4,109 |
Source: Ownwell