Loring, Phillips County, Montana Property Taxes
The median property tax rate in Loring, MT is 0.99%, aligning with the national median of 0.99% but higher than the Montana state median of 0.83%. With the median home value in Loring at $183,733, the typical annual property tax bill reaches $1,724, which is below the national median of $2,690. Property taxes in Loring are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Loring'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 Loring 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
Loring, Phillips County, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,819
$1,688
Ownwell’s Loring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loring 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 Loring, Phillips County, Montana
Property taxes in Loring, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loring is 0.99%, which aligns with both the Montana state median and the U.S. national median of 0.99%. Local government entities within Loring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loring 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 Loring's effective property tax rate to other counties in Montana and the national median. For comparison, the 59537 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Loring provides valuable insights into the varying tax landscape across Phillips County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loring Tax Rate
0.99%
Average Phillips County Tax Rate
1.28%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loring, Phillips County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59537 | 0.86% | 0.87% | 0.99% | 1.25% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Loring, Phillips County, Montana
In Loring, 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 Phillips 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 Loring, 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 Loring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Loring is 59537, with a median tax bill of $1,724.
Property Tax Assessment Values Across Loring, Phillips County, Montana
Source: Ownwell
$32,300
$108,017
$183,733
Average Loring Assessed Value
$183,733
Average Phillips County Assessed Value
$105,606
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loring, Phillips County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59537 | $31,889 | $48,170 | $183,733 | $321,123 | $544,253 |
Source: Ownwell
Property Tax Bills Across Loring, Phillips County, Montana
In Loring, Phillips County, MT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Loring is $183,733. To determine the tax bill, local tax rates are applied to the assessed value. This process considers various factors such as property type, location, and any applicable exemptions. For homeowners in Loring, the property tax bill can vary significantly. The tax bill at the 25th percentile is $758, while it climbs to $3,353 at the 75th percentile, and reaches $6,666 at the 90th percentile. These figures indicate a wide range of potential tax liabilities, reflecting differences in property values and assessments within the area. Compared to the national median property tax rate of 0.99%, homeowners in Loring may find their tax rates to be relatively moderate, but the actual amount paid can still vary widely depending on the specifics of their property. This variability can significantly impact household budgets, making it essential for homeowners to understand how their tax bills are determined and to explore any available exemptions.
Average Loring Tax Bill
$1,724
Average Phillips County Tax Bill
$1,408
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Loring, Phillips County, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59537 | $364 | $758 | $1,724 | $3,353 | $6,666 |
Source: Ownwell