Richland, Montana Property Taxes
The median property tax rate in Richland, MT is 0.89%, 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 $154,984 in Richland, the typical annual property tax bill amounts to $1,447, which is below the national median of $2,690. Property taxes in Richland are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Richland'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 Richland 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
Richland, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,379
Ownwell’s Richland Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richland. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Richland to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Richland, Montana
Property taxes in Richland, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richland 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 Richland's effective property tax rate to other areas in Montana and the national median. For comparison, the 59260 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Richland 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 Richland Tax Rate
0.89%
Average Valley County Tax Rate
1.31%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59260 | 0.76% | 0.78% | 0.89% | 1.04% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Richland, Montana
In Richland, 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 local 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 Richland, 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. Richland's median home price stands at $154,984. The property tax bills vary significantly, with the 25th percentile tax bill at $441 and the 75th percentile at $2,775. The highest median tax bill in the area is $1,447 in the 59260 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 Richland Assessed Value
$154,984
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 Richland, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59260 | $8,077 | $39,091 | $154,984 | $284,415 | $365,384 |
Source: Ownwell
Property Tax Bills Across Richland, Montana
In Richland, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, the median home price in Richland is $154,984. Homeowners in Richland can expect their tax bills to vary significantly. The 25th percentile tax bill is around $441, while the 75th percentile reaches $2,775, indicating a wide range of tax burdens. At the higher end, the 90th percentile tax bill can be as much as $3,998. This variability can affect homeowners differently, with those owning higher-value properties facing steeper tax bills. Compared to the national median property tax rate of 0.99%, Richland's property tax rates and bills reflect the unique economic and housing conditions of the area, impacting how much homeowners need to budget for property taxes annually.
Average Richland Tax Bill
$1,447
Average Valley County Tax Bill
$1,277
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59260 | $203 | $441 | $1,447 | $2,775 | $3,998 |
Source: Ownwell