Lolo, Montana Property Taxes
The median property tax rate in Lolo, MT is 0.91%, slightly below the national median of 0.99% but higher than the Montana state median of 0.83%. With a median home value of $396,800 in Lolo, the typical annual property tax bill reaches $3,554, surpassing the national median of $2,690. Property taxes in Lolo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lolo'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 Lolo or another part of Missoula County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lolo, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,611
Ownwell’s LOLO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in LOLO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOLO 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 Lolo, Montana
Property taxes in Lolo, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lolo is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Lolo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lolo 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 Lolo's effective property tax rate to other counties in Montana and the national median. For comparison, the 59847 zip code has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Lolo provides valuable insights into the varying tax landscape across Missoula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lolo Tax Rate
0.91%
Average Missoula County Tax Rate
0.91%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lolo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59847 | 0.68% | 0.83% | 0.91% | 0.97% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Lolo, Montana
In LOLO, 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 Missoula 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 LOLO, 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. The median home price in LOLO is $396,800, with tax bills ranging from $2,768 at the 25th percentile to $5,741 at the 90th percentile. The highest and lowest median tax bills both stand at $3,554 in the 59847 zip code. 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 LOLO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lolo Assessed Value
$396,800
Average Missoula County Assessed Value
$411,800
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lolo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59847 | $45,750 | $333,200 | $396,800 | $484,925 | $634,350 |
Source: Ownwell
Property Tax Bills Across Lolo, Montana
In Lolo, located in Missoula County, MT, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in Lolo is $396,800, and tax bills can vary significantly based on the assessed value of the property. For instance, homeowners at the 25th percentile can expect a tax bill around $2,768, while those at the 75th percentile might see bills closer to $4,413. At the 90th percentile, tax bills can reach as high as $5,741. Factors that influence the property tax bill include the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Lolo's tax rates can result in higher or lower bills depending on individual property assessments. This variability in tax bills affects homeowners by influencing their annual expenses and potentially impacting their decisions to buy, sell, or renovate properties. Understanding these factors is crucial for homeowners to effectively manage their financial planning.
Average Lolo Tax Bill
$3,554
Average Missoula County Tax Bill
$3,741
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Lolo, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59847 | $357 | $2,768 | $3,554 | $4,413 | $5,741 |
Source: Ownwell