Troy, Montana Property Taxes
The median property tax rate in Troy, MT is 0.86%, slightly lower than the national median of 0.99% but higher than the Montana state median of 0.83%. With the median home value in Troy at $255,807, the typical annual property tax bill reaches $1,921, which is below the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Troy'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 Troy 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
Troy, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,200
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Montana
Property taxes in Troy, Montana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Montana and the national median. For comparison, the zip code 59935 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Troy 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 Troy Tax Rate
0.86%
Average Lincoln County Tax Rate
0.68%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59935 | 0.40% | 0.64% | 0.86% | 0.87% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Montana
In Troy, 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills, both at $1921, are found in the 59935 zip code.
Average Troy Assessed Value
$255,807
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 Troy, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59935 | $18,434 | $128,180 | $255,807 | $376,200 | $510,691 |
Source: Ownwell
Property Tax Bills Across Troy, Montana
In Troy, located in Lincoln County, MT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Troy is $255,807, which serves as a baseline for determining property taxes. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and any applicable exemptions also play a role in determining the final tax amount. For instance, the 25th percentile tax bill in Troy is $907, while the 75th percentile tax bill is $2975, indicating a wide range in tax liabilities depending on specific property characteristics. The 90th percentile tax bill reaches up to $4234, showing that higher-valued properties incur significantly more in taxes. These property taxes directly impact homeowners, influencing their annual budget and potentially affecting property values. With the national median property tax rate at 0.99%, Troy's property tax rates offer a comparative perspective for homeowners evaluating their financial commitments.
Average Troy Tax Bill
$1,921
Average Lincoln County Tax Bill
$1,776
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59935 | $184 | $907 | $1,921 | $2,975 | $4,234 |
Source: Ownwell