Lothair, Montana Property Taxes
The median property tax rate in Lothair, MT is 0.73%, which is notably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Lothair, the typical annual property tax bill amounts to $1,113, substantially less than the national median of $2,690. Property taxes in Lothair are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Lothair’s property tax system, exploring available exemptions, and identifying potential reductions can result in significant annual savings. Whether you're located in the heart of Lothair or in another area of Liberty County, comprehending the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lothair, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,108
$1,028
Ownwell’s Lothair Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lothair with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lothair 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 Lothair, Montana
Property taxes in Lothair, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lothair is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Lothair set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lothair 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 Lothair's effective property tax rate to other counties in Montana and the national median. For comparison, the 59461 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Lothair provides valuable insights into the varying tax landscape across Liberty County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lothair Tax Rate
0.73%
Average Liberty County Tax Rate
0.90%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lothair, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59461 | 0.71% | 0.73% | 0.73% | 0.74% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Lothair, Montana
In Lothair, Montana, understanding the difference between "market value" and "assessed value" is essential 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 Liberty 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 Lothair, 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. With a median home price of $151,800, property tax bills in Lothair can vary significantly, ranging from $519 at the 25th percentile to $3,582 at the 90th percentile. The highest and lowest median tax bills are both $1,113, found in zip code 59461. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lothair Assessed Value
$151,800
Average Liberty County Assessed Value
$147,950
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lothair, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59461 | $55,124 | $80,632 | $151,800 | $358,904 | $466,139 |
Source: Ownwell
Property Tax Bills Across Lothair, Montana
In Lothair, 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 a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Lothair can expect varying tax bills, with the 25th percentile at $519 and the 75th percentile reaching $2,651. The 90th percentile tax bill can go up to $3,582, reflecting higher-valued properties. Comparatively, the median property tax rate in Lothair is aligned with the national median of 0.99%, but individual tax bills can differ significantly based on the specific characteristics of each property. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual household budgets.
Average Lothair Tax Bill
$1,113
Average Liberty County Tax Bill
$1,293
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Lothair, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59461 | $296 | $519 | $1,113 | $2,651 | $3,582 |
Source: Ownwell