Silver Gate, Montana Property Taxes
The median property tax rate in Silver Gate, MT is 0.42%, significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $551,257 in Silver Gate, the typical annual property tax bill amounts to $2,310, which is below the national median of $2,690. Property taxes in Silver Gate are based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silver Gate'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 Silver Gate or another part of Park County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver Gate, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$2,315
Ownwell’s Silver Gate Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Gate with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Gate 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 Silver Gate, Montana
Property taxes in Silver Gate, Montana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Gate is 0.42%, significantly lower than the U.S. national median of 0.99%. Local government entities within Silver Gate set these rates annually, and they can vary across different neighborhoods. Each year, Silver Gate 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 Silver Gate's effective property tax rate to other areas in Montana and the national median. For comparison, the zip code 59081 has the highest median property tax rate of 0.42%, while the lowest median tax rate is also 0.42%. Understanding how these areas compare with Silver Gate 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 Silver Gate Tax Rate
0.42%
Average Park County Tax Rate
0.58%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Gate, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59081 | 0.40% | 0.41% | 0.42% | 0.44% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Silver Gate, Montana
In Silver Gate, 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 Silver Gate, 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 Silver Gate helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 59081 has both the highest and lowest median tax bill of $2,310, reflecting a consistent property tax environment across the area.
Average Silver Gate Assessed Value
$551,257
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 Silver Gate, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59081 | $301,382 | $402,773 | $551,257 | $748,326 | $905,908 |
Source: Ownwell
Property Tax Bills Across Silver Gate, Montana
In Silver Gate, property tax bills are calculated based on the assessed value of your home, which is determined by local tax assessors. The median home price in this area is $551,257. Property taxes are then levied on this assessed value at a rate set by local taxing authorities. For homeowners in Silver Gate, the tax bill can vary widely. At the 25th percentile, the tax bill is around $1,718, while at the 75th percentile, it reaches approximately $3,088. For those in the 90th percentile, it can go up to $3,685. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, homeowners in Silver Gate experience a range of tax bills that reflect the value and amenities of their properties. Understanding these factors can help homeowners better anticipate and manage their annual tax obligations.
Average Silver Gate Tax Bill
$2,310
Average Park County Tax Bill
$2,626
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Gate, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59081 | $1,314 | $1,718 | $2,310 | $3,088 | $3,685 |
Source: Ownwell