Proctor, Montana Property Taxes
The median property tax rate in Proctor, MT is 0.56%, significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Proctor at $404,200, the typical annual property tax bill reaches $2,490, which is below the national median of $2,690. Property taxes in Proctor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Proctor'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 Proctor 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
Proctor, 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 Proctor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Proctor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Proctor 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 Proctor, Montana
Property taxes in Proctor, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Proctor stands at 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Proctor set these rates annually, and they can vary across different neighborhoods. Each year, Proctor 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 Proctor's effective property tax rate to other areas in Montana and the national median. For comparison, the zip code 59929 has the same median property tax rate of 0.56%. Understanding how these areas compare with Proctor 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 Proctor Tax Rate
0.56%
Average Lake County Tax Rate
0.67%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Proctor, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59929 | 0.51% | 0.53% | 0.56% | 0.60% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Proctor, Montana
In Proctor, 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 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 Proctor, 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. The median home price in Proctor is $404,200, with tax bills ranging from $1,791 at the 25th percentile to $4,244 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 59929, valued at $2,490. 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 Proctor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Proctor Assessed Value
$404,200
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 Proctor, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59929 | $97,502 | $236,240 | $404,200 | $574,554 | $772,225 |
Source: Ownwell
Property Tax Bills Across Proctor, Montana
In Proctor, Lake County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $404,200, homeowners can expect varying tax bills depending on several factors. The tax bill at the 25th percentile is around $1,791, while at the 75th percentile, it climbs to approximately $3,248. At the 90th percentile, it can reach up to $4,244. These tax bills are influenced by the local tax rate and the assessed value of the property, which can fluctuate based on market conditions and property improvements. Homeowners in Proctor should be aware of these factors as they significantly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, the property taxes in Proctor reflect the local economic conditions and the county’s fiscal policies.
Average Proctor Tax Bill
$2,490
Average Lake County Tax Bill
$2,601
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Proctor, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59929 | $1,188 | $1,791 | $2,490 | $3,248 | $4,244 |
Source: Ownwell