Three Forks, Gallatin County, Montana Property Taxes
The median property tax rate in Three Forks, MT is 0.79%, which is lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Three Forks at $372,300, the typical annual property tax bill reaches $2,797, slightly below the national median of $2,690. Property taxes in Three Forks are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for a primary residence or agricultural use. Understanding Three Forks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Three Forks or another part of Gallatin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Three Forks, Gallatin County, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,941
$2,729
Ownwell’s Three Forks Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Three Forks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Three Forks to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular information, trends on a neighborhood level are available by scrolling down. Your property’s assessed value is determined by Gallatin County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Three Forks, Gallatin County, Montana
Property taxes in Three Forks, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Three Forks is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Three Forks set these rates annually, and they can vary across different neighborhoods. Each year, Three Forks 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 Three Forks' effective property tax rate to other areas in Gallatin County and the national median. For comparison, the zip code 59752 in Three Forks has both the highest and lowest median property tax rate at 0.79%. Understanding how these rates compare with Three Forks provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Three Forks Tax Rate
0.79%
Average Gallatin County Tax Rate
0.80%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Three Forks, Gallatin County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59752 | 0.65% | 0.66% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Three Forks, Gallatin County, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Three Forks, 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 Gallatin 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 Three Forks, 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 Three Forks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $2797 in the 59752 zip code, reflecting a significant range in property tax responsibilities.
Property Tax Assessment Values Across Three Forks, Gallatin County, Montana
Source: Ownwell
$365,250
$864,725
$1,364,200
Average Three Forks Assessed Value
$372,300
Average Gallatin County Assessed Value
$644,700
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Three Forks, Gallatin County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59752 | $78,960 | $208,707 | $372,300 | $474,840 | $623,580 |
Source: Ownwell
Property Tax Bills Across Three Forks, Gallatin County, Montana
In Three Forks, located in Gallatin County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $372,300, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the final tax bill, including property location, home improvements, and local government budgets. In Three Forks, the tax bill at the 25th percentile is $1,353, while at the 75th percentile, it rises to $3,522. For those in the 90th percentile, the tax bill can reach up to $4,531. These figures highlight the range of property tax obligations homeowners might face, impacting their overall financial planning and housing affordability. Comparing these figures to the national median property tax rate of 0.99%, Three Forks exhibits a varied landscape of tax rates that can significantly affect homeowners.
Average Three Forks Tax Bill
$2,797
Average Gallatin County Tax Bill
$5,055
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Three Forks, Gallatin County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59752 | $600 | $1,353 | $2,797 | $3,522 | $4,531 |
Source: Ownwell