Laurel, Montana Property Taxes
The median property tax rate in Laurel, MT is 0.74%, which is notably lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $258,800 in Laurel, the typical annual property tax bill amounts to $1,985, which is below the national median of $2,690. Property taxes in Laurel are calculated based on the assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Laurel, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Laurel or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,915
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Montana
Property taxes in Laurel, Montana, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Montana and the national median. For comparison, the 59044 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Laurel provides valuable insights into the varying tax landscape across Yellowstone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
0.74%
Average Yellowstone County Tax Rate
0.84%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59044 | 0.53% | 0.60% | 0.74% | 0.82% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Montana
In Laurel, 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 Yellowstone 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Laurel, the highest median tax bill is $1985 in the 59044 zip code, which also has the lowest median tax bill at $1985.
Average Laurel Assessed Value
$258,800
Average Yellowstone County Assessed Value
$306,700
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59044 | $45,155 | $194,025 | $258,800 | $358,275 | $518,100 |
Source: Ownwell
Property Tax Bills Across Laurel, Montana
Property tax bills in Laurel, Yellowstone County, MT, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Laurel, the median home price is $258,800. Homeowners in the 25th percentile of tax bills can expect to pay around $1,510, while those in the 75th percentile pay approximately $2,480. For the top 10% of tax bills, homeowners might see amounts as high as $3,207. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Laurel's tax bills reflect a range of values that can significantly impact homeowners. Higher tax bills can affect affordability and the overall cost of homeownership, making it crucial for homeowners to understand how their property is assessed and what exemptions or appeals may be available to them.
Average Laurel Tax Bill
$1,985
Average Yellowstone County Tax Bill
$2,559
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59044 | $331 | $1,510 | $1,985 | $2,480 | $3,207 |
Source: Ownwell