Oilmont, Montana Property Taxes
The median property tax rate in Oilmont, MT is 0.85%, slightly higher than the Montana state median of 0.83% but lower than the national median of 0.99%. With a median home value of $94,693, the typical annual property tax bill in Oilmont is $861, which is significantly below the national median of $2,690. Property taxes in Oilmont are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Oilmont'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 Oilmont or another part of Toole County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oilmont, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$805
Ownwell’s Oilmont Property Tax Bill Calculator is a powerful tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oilmont with just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Oilmont to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and plan accordingly. For those interested in more granular insights, scroll down to explore neighborhood-level trends. Your property’s assessed value, determined by the county for tax calculations, includes any applicable exemptions, ensuring a comprehensive estimate.
Property Tax Rates Across Oilmont, Montana
Property taxes in Oilmont, Montana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oilmont is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Oilmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oilmont 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 Oilmont's effective property tax rate to other counties in Montana and the national median. For comparison, the 59466 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Oilmont provides valuable insights into the varying tax landscape across Toole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oilmont Tax Rate
0.85%
Average Toole County Tax Rate
1.23%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oilmont, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59466 | 0.78% | 0.82% | 0.85% | 0.91% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Oilmont, Montana
In Oilmont, 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 Toole 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 Oilmont, 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. The median home price in Oilmont is $94,693, with tax bills ranging from $319 at the 25th percentile to $3,614 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 59466, with a median tax bill of $861. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oilmont Assessed Value
$94,693
Average Toole County Assessed Value
$109,500
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oilmont, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59466 | $8,452 | $34,750 | $94,693 | $224,084 | $341,471 |
Source: Ownwell
Property Tax Bills Across Oilmont, Montana
In Oilmont, located in Toole County, MT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Oilmont is $94,693. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. For instance, homeowners in Oilmont can expect a tax bill ranging from the 25th percentile at $319 to the 75th percentile at $2,446, with the 90th percentile reaching up to $3,614. Factors influencing the tax bill include the property's assessed value, which is influenced by the market conditions, and the local tax rate set by the county. Compared to the national median property tax rate of 0.99%, Oilmont homeowners experience a varied tax burden. This variability in property tax bills can significantly impact homeowners, affecting their annual budgeting and overall financial planning. The highest median tax bill recorded in the area is $861, which is consistent across the zip code 59466.
Average Oilmont Tax Bill
$861
Average Toole County Tax Bill
$1,320
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Oilmont, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59466 | $97 | $319 | $861 | $2,446 | $3,614 |
Source: Ownwell