Loma, Montana Property Taxes
The median property tax rate in Loma, MT is 0.77%, notably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Loma at $116,700, the typical annual property tax bill comes to $913, which is significantly below the national median of $2,690. Property taxes in Loma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Loma'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 Loma 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
Loma, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$899
Ownwell’s LOMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOMA 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 Loma, Montana
Property taxes in Loma, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loma is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Loma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loma 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 Loma's effective property tax rate to other areas in Montana and the national median. For comparison, the 59460 zip code has the same median property tax rate of 0.77%. Understanding how these areas compare with Loma provides valuable insights into the varying tax landscape across Chouteau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loma Tax Rate
0.77%
Average Chouteau County Tax Rate
0.95%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loma, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59460 | 0.66% | 0.71% | 0.77% | 0.85% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Loma, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Loma, Montana. The market value represents 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 Chouteau 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 Loma, 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 Loma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest and lowest median tax bills in the area are both $913, found in zip code 59460.
Average Loma Assessed Value
$116,700
Average Chouteau County Assessed Value
$152,700
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loma, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59460 | $17,260 | $50,615 | $116,700 | $287,962 | $498,222 |
Source: Ownwell
Property Tax Bills Across Loma, Montana
In Loma, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Loma, the median home price is $116,700. Various factors, such as property size, location, and market conditions, influence the assessed value. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $419, while the 75th percentile tax bill is $2,151, and the 90th percentile tax bill reaches up to $3,856. The highest and lowest median tax bills in Loma are both $913, which falls within the zip code 59460. Compared to the national median property tax rate of 0.99%, property taxes in Loma can have a considerable impact on homeowners' finances, especially for those with higher-valued properties. Understanding these calculations helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average Loma Tax Bill
$913
Average Chouteau County Tax Bill
$1,469
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Loma, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59460 | $162 | $419 | $913 | $2,151 | $3,856 |
Source: Ownwell