Twin Bridges, Madison County, Montana Property Taxes
The median property tax rate in Twin Bridges, MT is 0.78%, which is lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $263,036 in Twin Bridges, the typical annual property tax bill amounts to $2,261, which is below the national median of $2,690. Property taxes in Twin Bridges are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Twin Bridges' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Twin Bridges or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Bridges, Madison County, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$2,052
$1,904
Ownwell’s Twin Bridges Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Bridges with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Bridges 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 Twin Bridges, Madison County, Montana
Property taxes in Twin Bridges, Montana, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Bridges is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Twin Bridges set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Bridges 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 Twin Bridges' effective property tax rate to other counties in Montana and the national median. For comparison, the zip code 59754 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Twin Bridges 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 Twin Bridges Tax Rate
0.78%
Average Madison County Tax Rate
0.36%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Bridges, Madison County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59754 | 0.67% | 0.70% | 0.78% | 0.91% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Twin Bridges, Madison County, Montana
In Twin Bridges, 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 Twin Bridges, 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. For example, the highest median tax bill in the area is $2,261 in the 59754 zip code, which is also the lowest median 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 Twin Bridges helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Twin Bridges, Madison County, Montana
Source: Ownwell
$214,600
$1,481,350
$2,748,100
Average Twin Bridges Assessed Value
$263,036
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 Twin Bridges, Madison County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59754 | $44,420 | $133,312 | $263,036 | $406,847 | $674,232 |
Source: Ownwell
Property Tax Bills Across Twin Bridges, Madison County, Montana
In Twin Bridges, Madison County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in Twin Bridges can expect property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $1,196, while at the 75th percentile, it rises to $3,240. At the 90th percentile, it can reach as high as $6,030. These variations highlight how property values and corresponding taxes can differ within the area. The median home price in Twin Bridges is $263,036, and while the median tax bill in Madison County is $2,261, this figure can fluctuate based on the specific attributes of each property. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Twin Bridges Tax Bill
$2,261
Average Madison County Tax Bill
$2,126
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Bridges, Madison County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59754 | $540 | $1,196 | $2,261 | $3,240 | $6,030 |
Source: Ownwell