Mcleod, Montana Property Taxes
The median property tax rate in McLeod, MT is 0.51%, 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 at $387,459, the typical annual property tax bill reaches $1,920, which is 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
Mcleod, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,976
$1,834
Ownwell’s McLeod Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McLeod with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McLeod 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 Mcleod, Montana
Property taxes in McLeod, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McLeod is 0.51%, which is significantly 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 0.51%. Understanding how these cities 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 Mcleod Tax Rate
0.51%
Average Park County Tax Rate
0.58%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcleod, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59052 | 0.48% | 0.50% | 0.51% | 0.52% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Mcleod, Montana
In McLeod, 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 McLeod, 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 is $387,459, with tax bills ranging from $1,779 at the 25th percentile to $3,376 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 McLeod helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mcleod Assessed Value
$387,459
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 Mcleod, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59052 | $198,294 | $345,445 | $387,459 | $577,200 | $696,435 |
Source: Ownwell
Property Tax Bills Across Mcleod, Montana
In McLeod, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is then multiplied by the applicable tax rate to arrive at the annual tax bill. For homeowners in McLeod, the median home price is $387,459. Property tax bills can vary significantly, with the 25th percentile at $1,779 and the 75th percentile at $2,824. The highest tax bills can reach up to $3,376, as seen in the 90th percentile. Several factors influence the tax bill, including property size, location, and improvements made to the property. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, McLeod’s rates can be considered moderate. Understanding how these taxes are calculated helps homeowners budget accordingly and appreciate the value these contributions bring to their community.
Average Mcleod Tax Bill
$1,920
Average Park County Tax Bill
$2,626
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcleod, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59052 | $1,119 | $1,779 | $1,920 | $2,824 | $3,376 |
Source: Ownwell