Three Forks, Montana Property Taxes
The median property tax rate in Three Forks, MT is 0.66%, which is lower than both the national median of 0.99% and Montana's state median of 0.83%. With a median home value of $512,100 in Three Forks, the typical annual property tax bill amounts to $3,417, surpassing the national median of $2,690. Property taxes in Three Forks are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Three Forks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Three Forks or another part of Broadwater County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Three Forks, Montana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,660
Ownwell’s Three Forks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Three Forks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Three Forks 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 Three Forks, Montana
Property taxes in Three Forks, Montana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Three Forks is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Three Forks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Three Forks 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 Three Forks' effective property tax rate to other counties in Montana and the national median. For comparison, the zip code 59752 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Three Forks provides valuable insights into the varying tax landscape across Broadwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Three Forks Tax Rate
0.66%
Average Broadwater County Tax Rate
0.74%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Three Forks, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59752 | 0.66% | 0.66% | 0.66% | 0.66% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Three Forks, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Three Forks, Montana. 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 Broadwater 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 Three Forks, 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 Three Forks is $512,100, with tax bills ranging from $3,077 at the 25th percentile to $4,598 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Identifying opportunities for protesting assessments or applying for exemptions can effectively manage the tax burden.
Average Three Forks Assessed Value
$512,100
Average Broadwater County Assessed Value
$343,900
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Three Forks, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59752 | $321,738 | $469,675 | $512,100 | $584,450 | $688,728 |
Source: Ownwell
Property Tax Bills Across Three Forks, Montana
In Three Forks, Broadwater County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors that influence the assessed value include the property's market value, location, and any improvements or renovations made to the home. For homeowners in Three Forks, the median home price is $512,100, and tax bills can vary significantly. The 25th percentile tax bill is around $3,077, while the 75th percentile reaches $3,887. At the 90th percentile, homeowners might pay up to $4,598. These figures highlight how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, the property tax rate in Three Forks results in substantial annual tax bills, affecting household budgets and financial planning for residents.
Average Three Forks Tax Bill
$3,417
Average Broadwater County Tax Bill
$2,664
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Three Forks, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59752 | $2,155 | $3,077 | $3,417 | $3,887 | $4,598 |
Source: Ownwell