Hot Springs, Montana Property Taxes
The median property tax rate in Hot Springs, MT is 0.64%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Hot Springs, the typical annual property tax bill reaches $1,896, falling short of the national median of $2,690. Property taxes in Hot Springs 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 Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Springs 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
Hot Springs, Montana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,660
Ownwell’s Hot Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs 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 Hot Springs, Montana
Property taxes in Hot Springs, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 0.64%, lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs 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 Hot Springs' effective property tax rate to other areas in Montana and the national median. For comparison, the 59845 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these areas compare with Hot Springs provides valuable insights into the varying tax landscape across Flathead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Tax Rate
0.64%
Average Flathead County Tax Rate
0.75%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59845 | 0.63% | 0.64% | 0.64% | 0.68% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Montana
In Hot Springs, 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 Flathead 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 Hot Springs, 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 Hot Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1896, found in zip code 59845.
Average Hot Springs Assessed Value
$301,628
Average Flathead County Assessed Value
$447,500
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59845 | $237,444 | $244,759 | $301,628 | $359,854 | $407,907 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Montana
In Hot Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Hot Springs, the median home price is $301,628. Property tax bills can vary significantly, with the 25th percentile at $1,582 and the 75th percentile at $2,445. The 90th percentile reaches up to $2,787. These figures reflect a range of tax burdens based on property values and local tax rates. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how their local rates stack up. Higher property taxes can affect household budgets and the overall affordability of owning a home in the area.
Average Hot Springs Tax Bill
$1,896
Average Flathead County Tax Bill
$3,622
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59845 | $1,468 | $1,582 | $1,896 | $2,445 | $2,787 |
Source: Ownwell