Pray, Montana Property Taxes
The median property tax rate in Pray, MT is 0.43%, which is significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Pray at $703,536, the typical annual property tax bill amounts to $3,082, which still exceeds the national median of $2,690. Property taxes in Pray are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pray'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 Pray 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
Pray, Montana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,660
Ownwell’s Pray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pray 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 Pray, Montana
Property taxes in Pray, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pray is 0.43%, significantly lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Pray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pray 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 Pray’s effective property tax rate to other counties in Montana and the national median. For comparison, the 59065 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Pray 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 Pray 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 Pray, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59065 | 0.39% | 0.41% | 0.43% | 0.47% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Pray, Montana
In PRAY, 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 PRAY, 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. Being aware of these valuation processes in PRAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in PRAY are both $3082 in zip code 59065, highlighting the uniformity in tax burdens across the area.
Average Pray Assessed Value
$703,536
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 Pray, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59065 | $191,685 | $435,575 | $703,536 | $1,006,620 | $1,344,020 |
Source: Ownwell
Property Tax Bills Across Pray, Montana
Property tax bills in Pray, located in Park County, MT, are calculated based on the assessed value of a property, which is influenced by the market value. The local tax rate is applied to this assessed value to determine the tax bill. Several factors contribute to the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Pray experience varying property tax bills. For instance, the 25th percentile tax bill is around $1,959, while the 75th percentile reaches $4,253, showing a significant range based on property value and specific circumstances. The 90th percentile tax bill can go as high as $5,898, indicating that properties with higher assessed values bear a larger tax burden. With the national median property tax rate at 0.99%, homeowners in Pray may find their tax rates relatively comparable, but individual tax bills can still vary widely. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Pray Tax Bill
$3,082
Average Park County Tax Bill
$2,626
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Pray, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59065 | $1,137 | $1,959 | $3,082 | $4,253 | $5,898 |
Source: Ownwell