Lima, Montana Property Taxes
The median property tax rate in Lima, MT is 0.75%, 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 Lima, the typical annual property tax bill amounts to $1,254, falling short of the national median of $2,690. Property taxes in Lima are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lima's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lima or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lima, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,262
$1,171
Ownwell’s Lima Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lima with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lima 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 Lima, Montana
Property taxes in Lima, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 0.75%, lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lima 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 Lima's effective property tax rate to other counties in Montana and the national median. For comparison, the 59739 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Lima 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 Lima Tax Rate
0.75%
Average Beaverhead County Tax Rate
0.71%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lima, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59739 | 0.64% | 0.71% | 0.75% | 0.79% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Lima, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lima, 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 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 Lima, 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. For example, the highest median tax bill in Lima is $1,254 in the zip code 59739, while the lowest median tax bill is also $1,254 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lima Assessed Value
$168,266
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 Lima, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59739 | $18,040 | $56,238 | $168,266 | $260,436 | $409,962 |
Source: Ownwell
Property Tax Bills Across Lima, Montana
In Lima, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Lima is $168,266, and the assessed value is typically a percentage of this market value. Tax rates are then applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, in Beaverhead County, the 25th percentile tax bill is $510, while the 75th percentile reaches $1,956, and the 90th percentile can be as high as $2,983. These figures indicate a range of tax burdens depending on the property's assessed value and specific circumstances. Homeowners in Lima should be aware that their property tax bill can significantly impact their overall housing costs. Compared to the national median property tax rate of 0.99%, the tax burden in Lima can vary widely, making it essential for homeowners to understand how their tax bill is determined and to explore potential exemptions or appeals.
Average Lima Tax Bill
$1,254
Average Beaverhead County Tax Bill
$2,175
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Lima, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59739 | $184 | $510 | $1,254 | $1,956 | $2,983 |
Source: Ownwell