Bozeman, Montana Property Taxes
The median property tax rate in Bozeman, MT is 0.33%, significantly lower than both the national median of 0.99% and Montana's state median of 0.83%. With a median home value of $4,146,200 in Bozeman, the typical annual property tax bill amounts to $14,663, which is still higher than the national median of $2,690. Property taxes in Bozeman are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bozeman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're located in the heart of Bozeman or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bozeman, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$13,682
$12,697
Ownwell’s Bozeman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bozeman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bozeman 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 Bozeman, Montana
Property taxes in Bozeman, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bozeman is 0.78%, which is significantly higher than the Montana state median of 0.74%, yet still below the U.S. national median of 0.99%. Local government entities within Bozeman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bozeman 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 Bozeman's effective property tax rate to other counties in Montana and the national median. For comparison, the highest median property tax rate in Montana is found in zip code 59001 at 0.98%, while the lowest median tax rate is in zip code 59002 at 0.50%. Understanding how these cities compare with Bozeman provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bozeman Tax Rate
0.33%
Average Madison County Tax Rate
0.36%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bozeman, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59715 | 0.26% | 0.26% | 0.26% | 0.29% | 0.30% |
| 59718 | 0.30% | 0.31% | 0.35% | 0.35% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Bozeman, Montana
In Bozeman, 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 Madison 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 Bozeman, 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 Bozeman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bozeman is $29,550 in zip code 59715, while the lowest is $7,855 in zip code 59718.
Average Bozeman Assessed Value
$4,146,200
Average Madison County Assessed Value
$483,557
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bozeman, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59715 | $11,077,979 | $11,187,310 | $11,369,530 | $18,200,465 | $22,299,026 |
| 59718 | $856,457 | $1,042,271 | $2,625,400 | $4,146,200 | $4,224,900 |
Source: Ownwell
Property Tax Bills Across Bozeman, Montana
Property tax bills in Bozeman, located in Madison County, MT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, in Bozeman, the tax bill can vary significantly, with the 25th percentile at $5,290 and the 75th percentile reaching up to $18,936. Homeowners in the area with properties in the 90th percentile may see tax bills as high as $29,459. Comparing this to the national median property tax rate of 0.99%, Bozeman's property tax bills can be quite substantial, particularly in certain zip codes. For example, the highest median tax bill in zip code 59715 is $29,550, while the lowest in zip code 59718 is $7,855. These variations can significantly impact homeowners, influencing decisions on property investments and long-term financial planning.
Average Bozeman Tax Bill
$14,663
Average Madison County Tax Bill
$2,126
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Bozeman, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59715 | $28,816 | $29,091 | $29,550 | $53,886 | $68,487 |
| 59718 | $3,284 | $3,980 | $7,855 | $14,663 | $14,975 |
Source: Ownwell