Wisdom, Montana Property Taxes
The median property tax rate in Wisdom, MT is 0.68%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Wisdom at $235,681, the typical annual property tax bill reaches $1,650, significantly below the national median of $2,690. Property taxes in Wisdom are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wisdom'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 Wisdom 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
Wisdom, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,603
Ownwell’s Wisdom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wisdom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wisdom 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 Wisdom, Montana
Property taxes in Wisdom, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wisdom is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Wisdom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wisdom 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 Wisdom's effective property tax rate to other counties in Montana and the national median. For comparison, the zip code 59761 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Wisdom provides valuable insights into the varying tax landscape across Beaverhead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wisdom Tax Rate
0.68%
Average Beaverhead County Tax Rate
0.71%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wisdom, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59761 | 0.59% | 0.63% | 0.68% | 0.75% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Wisdom, Montana
In Wisdom, 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 Beaverhead 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 Wisdom, 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 Wisdom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wisdom is $235,681, with the 25th percentile tax bill at $913 and the 75th percentile tax bill at $2,861. The highest and lowest median tax bills, both at $1,650, are found in ZIP code 59761.
Average Wisdom Assessed Value
$235,681
Average Beaverhead County Assessed Value
$266,900
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wisdom, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59761 | $55,464 | $116,681 | $235,681 | $402,919 | $630,920 |
Source: Ownwell
Property Tax Bills Across Wisdom, Montana
In Wisdom, Beaverhead County, MT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $235,681, the tax bill can range significantly. Homeowners at the 25th percentile pay around $913, while those at the 75th percentile see bills closer to $2,861. At the 90th percentile, the tax bill can reach up to $4,145. These figures highlight the variability in property tax obligations, influenced by factors such as property location, size, and improvements. Compared to the national median property tax rate of 0.99%, Wisdom's property taxes can impact homeowners differently, depending on their property's assessed value. This system ensures that tax contributions are proportionate to property values, funding essential local services and infrastructure.
Average Wisdom Tax Bill
$1,650
Average Beaverhead County Tax Bill
$2,175
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Wisdom, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59761 | $467 | $913 | $1,650 | $2,861 | $4,145 |
Source: Ownwell