Polson, Montana Property Taxes
The median property tax rate in Polson, MT is 0.68%, 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 Polson being $380,100, the typical annual property tax bill reaches $2,722, slightly below the national median of $2,690. Property taxes in Polson 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 Polson'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 Polson or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Polson, 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 Polson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Polson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polson 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 Polson, Montana
Property taxes in Polson, Montana, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Polson is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Polson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polson 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 Polson's effective property tax rate to other areas in Lake County and the national median. For comparison, the zip code 59860 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Polson 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 Polson Tax Rate
0.68%
Average Lake County Tax Rate
0.67%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polson, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59860 | 0.61% | 0.63% | 0.68% | 0.79% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Polson, Montana
In Polson, 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 Polson, 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. The median home price in Polson is $380,100, with tax bills ranging from $1,800 at the 25th percentile to $6,487 at the 90th percentile. The zip code 59860 has both the highest and lowest median tax bill at $2,722. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Polson Assessed Value
$380,100
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 Polson, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59860 | $72,327 | $225,000 | $380,100 | $610,400 | $997,309 |
Source: Ownwell
Property Tax Bills Across Polson, Montana
In Polson, located in Lake County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Polson can expect their property tax bills to vary significantly, with the 25th percentile at $1,800 and the 75th percentile reaching up to $4,203. For those in the 90th percentile, bills can soar as high as $6,487. The median home price in Polson is $380,100, and the local tax rate is compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners by affecting their annual financial planning and overall cost of homeownership. Higher property taxes can lead to increased monthly mortgage payments if taxes are escrowed, while lower taxes can make homeownership more affordable. Understanding these factors is crucial for both current homeowners and potential buyers in Polson.
Average Polson Tax Bill
$2,722
Average Lake County Tax Bill
$2,601
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Polson, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59860 | $662 | $1,800 | $2,722 | $4,203 | $6,487 |
Source: Ownwell