Virginia City, Madison County, Montana Property Taxes
The median property tax rate in Virginia City, MT is 0.41%, significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $214,600 in Virginia City, the typical annual property tax bill is $961, well below the national median of $2,690. Property taxes in Virginia City are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Virginia City'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 Virginia City or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virginia City, Madison County, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$880
$816
Ownwell’s Virginia City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virginia City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virginia City 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 Virginia City, Madison County, Montana
Property taxes in Virginia City, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virginia City is 0.41%, significantly lower than the U.S. national median of 0.99%. Local government entities within Virginia City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virginia City 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 Virginia City's effective property tax rate to other counties in Montana and the national median. For comparison, the 59755 zip code has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these cities compare with Virginia City 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 Virginia City Tax Rate
0.41%
Average Madison County Tax Rate
0.36%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virginia City, Madison County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59755 | 0.34% | 0.37% | 0.41% | 0.43% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Virginia City, Madison County, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Virginia City, Montana. 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 Virginia City, 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 instance, the median home price in Virginia City is $214,600, with tax bills ranging from $324 at the 25th percentile to $1,874 at the 90th percentile. 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 Virginia City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 59755, with a median tax bill of $961.
Property Tax Assessment Values Across Virginia City, Madison County, Montana
Source: Ownwell
$214,600
$1,481,350
$2,748,100
Average Virginia City Assessed Value
$214,600
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 Virginia City, Madison County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59755 | $15,050 | $66,738 | $214,600 | $315,675 | $437,136 |
Source: Ownwell
Property Tax Bills Across Virginia City, Madison County, Montana
In Virginia City, located in Madison County, MT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Virginia City is $214,600, which serves as a benchmark for calculating property taxes. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Virginia City may see tax bills that vary significantly. For example, tax bills at the 25th percentile are around $324, while those at the 75th percentile reach up to $1,327. At the 90th percentile, tax bills can be as high as $1,874. These variations highlight how different factors impact the overall tax burden on homeowners. Understanding these elements helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Virginia City Tax Bill
$961
Average Madison County Tax Bill
$2,126
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Virginia City, Madison County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59755 | $73 | $324 | $961 | $1,327 | $1,874 |
Source: Ownwell