Libby, Montana Property Taxes
The median property tax rate in Libby, MT is 0.70%, lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Libby, the typical annual property tax bill reaches $1,560, which is below the national median of $2,690. Property taxes in Libby 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 Libby'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 Libby or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Libby, 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 Libby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Libby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Libby 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 Libby, Montana
Property taxes in Libby, Montana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Libby is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Libby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Libby 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 Libby's effective property tax rate to other areas in Montana and the national median. For comparison, the 59923 zip code has the highest median property tax rate of 0.70%, while it also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Libby provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Libby Tax Rate
0.70%
Average Lincoln County Tax Rate
0.68%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Libby, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59923 | 0.28% | 0.63% | 0.70% | 0.70% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Libby, Montana
In Libby, 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 Lincoln 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 Libby, 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 Libby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $1,560 in the 59923 zip code.
Average Libby Assessed Value
$223,100
Average Lincoln County Assessed Value
$263,200
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Libby, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59923 | $15,850 | $125,400 | $223,100 | $335,700 | $468,200 |
Source: Ownwell
Property Tax Bills Across Libby, Montana
In Libby, located in Lincoln County, MT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. For homeowners in Libby, the median home price stands at $223,100. The property tax bill is then calculated by multiplying the assessed value by the local tax rate. Factors such as property improvements, location, and market trends can influence the assessed value, thereby affecting the tax bill. In Libby, the 25th percentile tax bill is around $635, while the 75th percentile reaches approximately $2,344, and the 90th percentile can go up to $3,240. With the national median property tax rate at 0.99%, homeowners in Libby might find their tax bills relatively moderate. However, the highest median tax bill in the area is $1,560, which can impact household budgets significantly. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Libby Tax Bill
$1,560
Average Lincoln County Tax Bill
$1,776
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Libby, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59923 | $117 | $635 | $1,560 | $2,344 | $3,240 |
Source: Ownwell