Olive, Montana Property Taxes
The median property tax rate in Olive, MT is 0.75%, which is notably lower than the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Olive at $203,364, the typical annual property tax bill amounts to $1,491, significantly under the national median of $2,690. Property taxes in Olive are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Olive'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 Olive 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
Olive, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,525
$1,415
Ownwell’s Olive Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olive with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olive 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 Olive, Montana
Property taxes in Olive, Montana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olive 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 Olive's effective property tax rate to other areas in Montana and the national median. For comparison, the zip code 59343 has both the highest and lowest median property tax rate in the region at 0.75%. Understanding how these areas compare with Olive provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Tax Rate
0.75%
Average Custer County Tax Rate
1.24%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59343 | 0.72% | 0.73% | 0.75% | 0.76% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Olive, Montana
In Olive, 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 Custer 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 Olive, 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 Olive 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 in Olive is 59343, with a value of $1,491, which is also the lowest median tax bill, providing a clear benchmark for property owners.
Average Olive Assessed Value
$203,364
Average Custer County Assessed Value
$145,300
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59343 | $125,806 | $154,891 | $203,364 | $251,838 | $280,922 |
Source: Ownwell
Property Tax Bills Across Olive, Montana
In Olive, located in Custer County, MT, property tax bills are calculated based on the assessed value of the home and the applicable tax rate. The median home price in Olive is $203,364, which serves as a significant factor in determining the property tax bill. Homeowners in this area can expect their property tax bills to vary widely. For instance, the tax bill at the 25th percentile is around $1,158, while at the 75th percentile, it reaches approximately $1,824. At the 90th percentile, homeowners might face a tax bill of $2,024. These variations in tax bills are influenced by several factors, including property size, location, and any applicable exemptions. The tax rate in Olive is competitive compared to the national median property tax rate of 0.99%. Homeowners must stay informed about these factors as they directly impact their annual financial obligations. Understanding how these elements interplay can help homeowners anticipate their property tax responsibilities and plan accordingly.
Average Olive Tax Bill
$1,491
Average Custer County Tax Bill
$1,810
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59343 | $959 | $1,158 | $1,491 | $1,824 | $2,024 |
Source: Ownwell