Petroleum County, Montana Property Taxes
The median property tax rate in Petroleum County is 1.23%, which is significantly higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Petroleum County at $57,945, the typical annual property tax bill reaches $721, which is considerably lower than the national median of $2,690. Property taxes in Petroleum County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Petroleum County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Winnett or another part of Petroleum County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petroleum County, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$713
$661
Ownwell’s Petroleum County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Petroleum County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Petroleum County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Petroleum County, Montana
Property taxes in Petroleum County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Petroleum County is 1.23%, which is higher than the U.S. national median of 0.99%. Local government entities within Petroleum County set these rates annually, and they can vary significantly between different areas within the county. Each year, Petroleum County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Petroleum County's effective property tax rate with other counties in Montana and the national median. For comparison, the city of Winnett has one of the higher property tax rates in Montana at 1.23%, while the city of Roundup boasts one of the lowest at 1.00%. Analyzing how Petroleum County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Petroleum County Tax Rate
1.23%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Petroleum County, Montana
In Petroleum County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Petroleum County Appraisal District. The assessed value, however, 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. Assessment notices in Petroleum County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Petroleum County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Petroleum County, the highest median tax bill is found in Teigen at $7,494, while the lowest is in Winnett at $684.
Average Petroleum County Assessed Value
$57,945
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petroleum County, Montana
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cat Creek | N/A | N/A | N/A | N/A | N/A |
| Grass Range | N/A | N/A | N/A | N/A | N/A |
| Mosby | N/A | N/A | N/A | N/A | N/A |
| Roundup | N/A | N/A | N/A | N/A | N/A |
| Teigen | N/A | N/A | N/A | N/A | N/A |
| Winnett | $7,463 | $18,684 | $55,292 | $155,183 | $295,684 |
Source: Ownwell
Property Tax Bills Across Petroleum County, Montana
In Petroleum County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessments. The tax rate in the county is applied to this assessed value to calculate the annual property tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or modifications made to the property. For homeowners, this means that properties with higher market values or significant improvements may result in higher tax bills. The median home price in Petroleum County is $57,945, and tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $293, while those in the 75th percentile see bills closer to $1,945. At the 90th percentile, tax bills can reach up to $3,778. Comparatively, the highest median tax bill in the county is $7,494 in Teigen, while the lowest is $684 in Winnett. These variations highlight how property values and local tax rates can significantly impact homeowners' financial responsibilities.
Average Petroleum County Tax Bill
$721
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690