Norris, Montana Property Taxes
The median property tax rate in Norris, MT is 0.52%, which is significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $250,920 in Norris, the typical annual property tax bill amounts to $1,382, falling well below the national median of $2,690. Property taxes in Norris 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. By understanding Norris's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you reside in Norris or another part of Madison County, familiarizing yourself with the local property tax system can benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norris, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,305
$1,211
Ownwell’s Norris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norris 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 Norris, Montana
Property taxes in Norris, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norris is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Norris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norris 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 Norris's effective property tax rate to other counties in Montana and the national median. For comparison, the 59745 zip code has the highest median property tax rate of 0.52%, while the 59745 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Norris provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norris Tax Rate
0.52%
Average Madison County Tax Rate
0.36%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norris, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59745 | 0.47% | 0.49% | 0.52% | 0.54% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Norris, Montana
In Norris, 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 Norris, 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 Norris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 59745, with a median tax bill of $1,382.
Average Norris Assessed Value
$250,920
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 Norris, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59745 | $13,299 | $41,123 | $250,920 | $371,254 | $578,033 |
Source: Ownwell
Property Tax Bills Across Norris, Montana
In Norris, located in Madison 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 county assessor's office, which evaluates the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Norris, the median home price is $250,920. Property tax bills can vary significantly, with the 25th percentile tax bill at $369 and the 75th percentile reaching $2,008. At the 90th percentile, tax bills can go up to $2,751. These figures highlight the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Norris offers a unique perspective on property tax burdens. Homeowners should be aware of these factors as they can significantly influence their annual financial planning and overall cost of homeownership. Understanding how these elements interact helps homeowners anticipate their tax responsibilities better.
Average Norris Tax Bill
$1,382
Average Madison County Tax Bill
$2,126
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Norris, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59745 | $137 | $369 | $1,382 | $2,008 | $2,751 |
Source: Ownwell