Cooke City, Montana Property Taxes
The median property tax rate in Cooke City, MT is 0.43%, significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $486,585, the typical annual property tax bill in Cooke City amounts to $2,124, which is below the national median of $2,690. Property taxes in Cooke City are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cooke City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cooke City or another part of the area, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cooke City, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$2,092
Ownwell’s Cooke City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cooke City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cooke 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 Cooke City, Montana
Property taxes in Cooke City, Montana, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Cooke City is 0.43%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Cooke City set these rates annually, and they can vary across different neighborhoods. Each year, Cooke 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 Cooke City's effective property tax rate to other areas in Park County and the national median. For comparison, the 59020 zip code has the highest median property tax rate of 0.43%, while the 59081 zip code has the lowest median tax rate of 0.42%. Understanding how these areas compare with Cooke City provides valuable insights into the varying tax landscape across Park County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cooke City Tax Rate
0.43%
Average Park County Tax Rate
0.58%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cooke City, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59020 | 0.38% | 0.41% | 0.43% | 0.48% | 0.54% |
| 59081 | 0.42% | 0.42% | 0.42% | 0.44% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Cooke City, Montana
In Cooke City, 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 Park 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 Cooke 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Cooke City is $2,146 in the 59020 zip code, while the lowest median tax bill is $2,054 in the 59081 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cooke City Assessed Value
$486,585
Average Park County Assessed Value
$424,710
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cooke City, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59020 | $213,800 | $348,335 | $489,809 | $653,800 | $876,638 |
| 59081 | $293,834 | $367,945 | $483,455 | $489,715 | $595,447 |
Source: Ownwell
Property Tax Bills Across Cooke City, Montana
In Cooke City, located in Park County, MT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $486,585, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and local tax levies also play a role in the final amount. Homeowners in Cooke City can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,611, while the 75th percentile reaches up to $2,716. The 90th percentile tax bill can be as high as $3,580. Comparatively, the highest median tax bill in the region is $2,146 in the 59020 zip code, while the lowest is $2,054 in the 59081 zip code. These property taxes directly impact homeowners by influencing their annual housing costs and can affect decisions regarding property investments and home improvements.
Average Cooke City Tax Bill
$2,124
Average Park County Tax Bill
$2,626
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Cooke City, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59020 | $959 | $1,611 | $2,146 | $2,720 | $3,594 |
| 59081 | $1,490 | $1,617 | $2,054 | $2,078 | $2,477 |
Source: Ownwell