Lustre, Montana Property Taxes
The median property tax rate in Lustre, MT is 0.91%, slightly below the national median of 0.99% but higher than the Montana state median of 0.83%. With a median home value of $206,352, the typical annual property tax bill in Lustre amounts to $1,678, which is lower than the national median of $2,690. Property taxes in Lustre are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lustre'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 Lustre or another part of Valley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lustre, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,878
Ownwell’s Lustre Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lustre with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lustre 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 Lustre, Montana
Property taxes in Lustre, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lustre is 0.91%, which is below the U.S. national median of 0.99%. Local government entities within Lustre set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lustre 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 Lustre's effective property tax rate to other areas in Valley County and the national median. For comparison, the zip code 59225 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Lustre provides valuable insights into the varying tax landscape across Valley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lustre Tax Rate
0.91%
Average Valley County Tax Rate
1.31%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lustre, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59225 | 0.22% | 0.79% | 0.91% | 1.02% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Lustre, Montana
In Lustre, 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 Valley 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 Lustre, 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 Lustre is $206,352. 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 highest and lowest median tax bills in Lustre are both $1,678 in the 59225 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lustre Assessed Value
$206,352
Average Valley County Assessed Value
$101,800
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lustre, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59225 | $48,780 | $136,230 | $206,352 | $280,639 | $429,011 |
Source: Ownwell
Property Tax Bills Across Lustre, Montana
In Lustre, Valley 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 Lustre is $206,352, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any applicable exemptions can influence the assessed value. Homeowners in Lustre can expect their property tax bills to vary significantly. The 25th percentile tax bill is $924, while the 75th percentile tax bill reaches $2,347. For those at the 90th percentile, the tax bill can be as high as $3,825. This variation shows how different factors and property values impact the amount homeowners are required to pay. Compared to the national median property tax rate of 0.99%, Lustre's property tax rate results in a range of tax bills that reflect the local real estate market and assessment practices. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Lustre Tax Bill
$1,678
Average Valley County Tax Bill
$1,277
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Lustre, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59225 | $384 | $924 | $1,678 | $2,347 | $3,825 |
Source: Ownwell