Terry, Montana Property Taxes
The median property tax rate in Terry, MT is 1.44%, considerably higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Terry, the typical annual property tax bill reaches $4,228, exceeding the national median of $2,690. Property taxes in Terry 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 Terry'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 Terry 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
Terry, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$3,031
$2,813
Ownwell's Terry Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Terry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terry 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 Terry, Montana
Property taxes in Terry, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terry is 1.44%, significantly higher than both the Montana state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Terry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terry 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 Terry's effective property tax rate to other counties in Montana and the national median. For comparison, the 59349 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Terry 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 Terry Tax Rate
1.44%
Average Custer County Tax Rate
1.24%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terry, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59349 | 0.79% | 0.98% | 1.44% | 3.99% | 4.81% |
Source: Ownwell
Property Tax Assessment Values Across Terry, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Terry, 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 local 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 Terry, 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 Terry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 59349 in Custer County has the highest and lowest median tax bill, both at $4,228.
Average Terry Assessed Value
$210,500
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 Terry, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59349 | $55,194 | $167,708 | $210,500 | $292,664 | $324,754 |
Source: Ownwell
Property Tax Bills Across Terry, Montana
In Terry, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value typically reflects a percentage of the property's market value, which is influenced by various factors such as location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Terry, the median home price stands at $210,500. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,153 and the 75th percentile reaching $9,166. The highest median tax bill in the area is $4,228, which is also the lowest, indicating a uniform tax rate within the zip code 59349. Understanding how these factors interplay is crucial for homeowners, as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Terry's rates can either be a financial burden or a manageable cost, depending on the assessed value and specific tax rate applied.
Average Terry Tax Bill
$4,228
Average Custer County Tax Bill
$1,810
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Terry, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59349 | $1,695 | $2,153 | $4,228 | $9,166 | $13,810 |
Source: Ownwell