Big Arm, Montana Property Taxes
The median property tax rate in Big Arm, MT is 0.63%, which is considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Big Arm at $622,700, the typical annual property tax bill reaches $4,036, exceeding the national median of $2,690. Property taxes in Big Arm 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 Big Arm'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 Big Arm 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
Big Arm, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$3,923
Ownwell’s Big Arm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Arm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Arm 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 Big Arm, Montana
Property taxes in Big Arm, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Arm is 0.63%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Big Arm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Arm 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 Big Arm's effective property tax rate to other counties in Montana and the national median. For comparison, the 59910 zip code has the highest median property tax rate of 0.63%, while the 59910 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Big Arm provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Arm Tax Rate
0.63%
Average Lake County Tax Rate
0.67%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Arm, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59910 | 0.60% | 0.62% | 0.63% | 0.65% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Big Arm, Montana
In Big Arm, 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 Lake 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 Big Arm, 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 Big Arm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,036, found in the zip code 59910.
Average Big Arm Assessed Value
$622,700
Average Lake County Assessed Value
$340,373
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Arm, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59910 | $70,336 | $333,300 | $622,700 | $910,550 | $1,178,542 |
Source: Ownwell
Property Tax Bills Across Big Arm, Montana
In Big Arm, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Big Arm stands at $622,700, which is significantly higher than the national median. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors influencing your tax bill include the market value of your property, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Big Arm can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $2,494, while the 75th percentile tax bill rises to $5,690. At the 90th percentile, homeowners might face a tax bill as high as $7,539. This variability can significantly impact household budgets, making it essential for homeowners to understand their property's assessed value and any potential exemptions they might qualify for. By staying informed, homeowners can better anticipate and manage their property tax obligations.
Average Big Arm Tax Bill
$4,036
Average Lake County Tax Bill
$2,601
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Arm, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59910 | $1,394 | $2,494 | $4,036 | $5,690 | $7,539 |
Source: Ownwell