Craig, Montana Property Taxes
The median property tax rate in Craig, MT is 0.65%, notably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Craig, the typical annual property tax bill comes to $242, significantly below the national median of $2,690. Property taxes in Craig 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 Craig's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Craig 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
Craig, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$244
Ownwell’s Craig Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craig with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craig 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 Craig, Montana
Property taxes in Craig, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craig is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Craig set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craig 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 Craig's effective property tax rate to other areas in Montana and the national median. For comparison, the zip code 59648 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Craig provides valuable insights into the varying tax landscape across Lewis and Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craig Tax Rate
0.65%
Average Lewis And Clark County Tax Rate
0.95%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craig, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59648 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Craig, Montana
In Craig, 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 Lewis and Clark 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 Craig, 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. For example, the highest and lowest median tax bills in Craig are both $242, found in zip code 59648. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Craig Assessed Value
$37,500
Average Lewis And Clark County Assessed Value
$345,065
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craig, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59648 | $37,500 | $37,500 | $37,500 | $37,500 | $37,500 |
Source: Ownwell
Property Tax Bills Across Craig, Montana
In Craig, located in Lewis and Clark County, MT, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local tax assessors who evaluate the market value of the property. Once the market value is established, it's multiplied by the assessment ratio to get the assessed value. In Craig, the median home price is $37,500, which significantly influences the tax bill. The property tax rate in Craig is applied to the assessed value to determine the annual tax bill. For homeowners in this region, the tax bills are quite consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $242. This uniformity suggests a stable tax environment for property owners. Compared to the national median property tax rate of 0.99%, Craig offers a relatively low property tax burden, making it an attractive location for homeowners seeking affordability. This lower tax rate can positively impact homeowners by reducing their annual financial obligations, thereby making homeownership more accessible and sustainable.
Average Craig Tax Bill
$242
Average Lewis And Clark County Tax Bill
$3,454
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Craig, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59648 | $242 | $242 | $242 | $242 | $242 |
Source: Ownwell