Billings, Montana Property Taxes
The median property tax rate in Billings, MT is 0.59%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Billings at $405,831, the typical annual property tax bill reaches $2,384, which is below the national median of $2,690. Property taxes in Billings 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 Billings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Billings 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
Billings, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,394
Ownwell’s Billings Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Billings using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Billings to provide an estimate of 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 Billings, Montana
Property taxes in Billings, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Billings is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Billings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Billings 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 Billings' effective property tax rate to other counties in Montana and the national median. For comparison, the 59101 zip code has the highest median property tax rate of 0.59%, while the same 59101 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Billings provides valuable insights into the varying tax landscape across Carbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Billings Tax Rate
0.59%
Average Carbon County Tax Rate
0.61%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Billings, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59101 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Billings, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Billings, 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 Carbon 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 Billings, 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 Billings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 59101 at $2384, which also happens to be the lowest median tax bill in the area.
Average Billings Assessed Value
$405,831
Average Carbon County Assessed Value
$299,384
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Billings, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59101 | $405,831 | $405,831 | $405,831 | $405,831 | $405,831 |
Source: Ownwell
Property Tax Bills Across Billings, Montana
In Billings, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. The median home price in Billings is $405,831, and homeowners can expect a median property tax bill of $2,384, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, any improvements made, and comparable property sales in the area. These factors ensure that the tax bill reflects the current real estate market conditions. For homeowners, this means that their property tax bill can fluctuate based on changes in the local housing market. High property taxes can impact household budgets, making it essential for homeowners to understand the components of their tax bill and explore potential exemptions or appeals to manage their expenses effectively.
Average Billings Tax Bill
$2,384
Average Carbon County Tax Bill
$2,004
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Billings, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59101 | $2,384 | $2,384 | $2,384 | $2,384 | $2,384 |
Source: Ownwell