Laurel, Montana Property Taxes
The median property tax rate in Laurel, MT is 0.71%, which is notably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Laurel at $456,000, the typical annual property tax bill reaches $3,173, surpassing the national median of $2,690. Property taxes in Laurel are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Laurel'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 Laurel or another part of Stillwater County, grasping 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
0.71%
Estimate Property Tax Bill
$3,238
Ownwell’s Laurel Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to 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. For those 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 Stillwater County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Laurel, Montana
Property taxes in Laurel, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.71%, 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 the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Laurel provides valuable insights into the varying tax landscape across Stillwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
0.71%
Average Stillwater County Tax Rate
0.69%
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 | 0.70% | 0.71% | 0.71% | 0.72% | 0.73% |
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 Stillwater 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. The highest median tax bill in the area is $3,173 in the 59044 zip code, which also has the lowest median tax bill at the same value.
Average Laurel Assessed Value
$456,000
Average Stillwater County Assessed Value
$299,005
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 | $369,900 | $394,500 | $456,000 | $560,263 | $653,362 |
Source: Ownwell
Property Tax Bills Across Laurel, Montana
In Laurel, property tax bills are calculated based on the assessed value of a home, which is determined by the Stillwater County assessor's office. The assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the local tax rate, or mill levy, is applied to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Laurel is $456,000. Homeowners in the 25th percentile can expect a tax bill around $2,822, while those in the 75th percentile might see bills closer to $3,941. These tax bills directly impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Laurel's tax rates can significantly affect budgeting and financial planning for residents. Understanding these factors helps homeowners anticipate their annual expenses and make informed financial decisions.
Average Laurel Tax Bill
$3,173
Average Stillwater County Tax Bill
$2,154
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 | $2,660 | $2,822 | $3,173 | $3,941 | $4,709 |
Source: Ownwell