Elmo, Montana Property Taxes
The median property tax rate in ELMO, MT is 0.62%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in ELMO, the typical annual property tax bill reaches $3,658, which exceeds the national median of $2,690. Property taxes in ELMO 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 ELMO'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 ELMO 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
Elmo, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$3,218
Ownwell’s ELMO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELMO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELMO 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 Elmo, Montana
Property taxes in Elmo, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmo is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Elmo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmo 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 Elmo's effective property tax rate to other counties in Montana and the national median. For comparison, the 59915 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Elmo provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elmo Tax Rate
0.62%
Average Lake County Tax Rate
0.67%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59915 | 0.49% | 0.52% | 0.62% | 0.66% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Elmo, Montana
In ELMO, 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 Lake 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 ELMO, 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 ELMO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,658 in the 59915 zip code, which is also the lowest median tax bill, offering a unique uniformity in property tax bills.
Average Elmo Assessed Value
$519,000
Average Lake County Assessed Value
$340,373
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elmo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59915 | $9,580 | $107,567 | $519,000 | $745,300 | $1,052,560 |
Source: Ownwell
Property Tax Bills Across Elmo, Montana
Property tax bills in Elmo, Lake County, MT, are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the market value, which is evaluated by the county assessor. Several factors influence this valuation, including property size, location, and market conditions. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Elmo, the tax bills can vary significantly. The 25th percentile tax bill is around $2,214, while the 75th percentile tax bill reaches $4,477, and the 90th percentile tax bill is as high as $6,210. These figures indicate a broad range of tax liabilities, reflecting differences in property values and assessments. Comparatively, the highest and lowest median tax bills in the area are both $3,658, indicating some consistency within specific zip codes. With the national median property tax rate at 0.99%, homeowners in Elmo might find their tax rates to be relatively aligned with national trends, depending on their property's assessed value.
Average Elmo Tax Bill
$3,658
Average Lake County Tax Bill
$2,601
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59915 | $598 | $2,214 | $3,658 | $4,477 | $6,210 |
Source: Ownwell