Mc Leod, Montana Property Taxes
The median property tax rate in McLeod, MT is 0.50%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in McLeod, the typical annual property tax bill reaches $2,596, slightly below the national median of $2,690. Property taxes in McLeod 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 McLeod'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 McLeod 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
Mc Leod, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$2,593
$2,407
Ownwell’s MC LEOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC LEOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC LEOD 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 Mc Leod, Montana
Property taxes in McLeod, Montana, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in McLeod is 0.83%, which is higher than the Montana state median of 0.76% but still lower than the U.S. national median of 0.99%. Local government entities within McLeod set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLeod 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 McLeod's effective property tax rate to other counties in Montana and the national median. For comparison, the 59052 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with McLeod 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 Mc Leod Tax Rate
0.50%
Average Park County Tax Rate
0.58%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Leod, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59052 | 0.47% | 0.49% | 0.50% | 0.53% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Mc Leod, Montana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mc Leod, Montana. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Mc Leod, 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, in Mc Leod, the median home price is $518,679, with tax bills ranging from $1,858 at the 25th percentile to $5,179 at the 90th percentile. The highest and lowest median tax bills are both $2,596 in the zip code 59052. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Mc Leod Assessed Value
$518,679
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 Mc Leod, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59052 | $157,829 | $361,642 | $518,679 | $689,150 | $1,076,309 |
Source: Ownwell
Property Tax Bills Across Mc Leod, Montana
In Mc Leod, located in Park County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value, which is influenced by factors such as location, size, and condition of the home. Homeowners in Mc Leod can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is around $1,858, while the 75th percentile tax bill reaches $3,461. At the higher end, the 90th percentile tax bill can be as much as $5,179. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Mc Leod's property taxes may seem relatively moderate, but they can still represent a significant annual expense for homeowners. Understanding how these taxes are calculated and what factors influence them can help homeowners better plan their finances and potentially seek exemptions or appeals if they believe their assessed value is too high.
Average Mc Leod Tax Bill
$2,596
Average Park County Tax Bill
$2,626
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Leod, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59052 | $1,031 | $1,858 | $2,596 | $3,461 | $5,179 |
Source: Ownwell