Olive, Montana Property Taxes
The median property tax rate in Olive, MT is 0.64%, significantly lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Olive at $140,000, the typical annual property tax bill is $1,025, well below the national median of $2,690. Property taxes in Olive 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 Olive'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 Olive 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
Olive, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$896
$831
Ownwell’s Olive Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Olive. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Olive to provide a reliable estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities with ease. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down for localized information. Your property's assessed value is determined by the county and includes any applicable exemptions, ensuring you get the most accurate estimate possible.
Property Tax Rates Across Olive, Montana
Property taxes in Olive, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olive 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 Olive's effective property tax rate to other counties in Montana and the national median. For comparison, the 59343 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Olive provides valuable insights into the varying tax landscape across Powder River County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Tax Rate
0.64%
Average Powder River County Tax Rate
0.65%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59343 | 0.57% | 0.58% | 0.64% | 0.69% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Olive, Montana
In Olive, 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 Powder River 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 Olive, 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 Olive helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $1025 in the 59343 zip code, while the lowest is also $1025 in the same zip code.
Average Olive Assessed Value
$140,000
Average Powder River County Assessed Value
$86,358
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59343 | $22,250 | $55,378 | $140,000 | $239,861 | $313,942 |
Source: Ownwell
Property Tax Bills Across Olive, Montana
In Olive, Powder River County, MT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Olive is $140,000, which is a key factor in determining the tax bill. Local authorities assess property values to establish a fair market value, and then apply the tax rate to this assessed value. In Powder River County, the median property tax bill is $1,025, aligning with the specific zip code 59343. The tax bill can significantly vary depending on the value of the property. For instance, homeowners in the 25th percentile pay around $460, while those in the 75th percentile face bills up to $1,555. The top 10% of property owners may see bills as high as $2,181. These variations can impact homeowners’ financial planning and budgeting, making it crucial to understand the factors that influence property taxes. Comparing these figures to the national median property tax rate of 0.99% provides a clearer perspective on how Olive's property taxes stack up.
Average Olive Tax Bill
$1,025
Average Powder River County Tax Bill
$666
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59343 | $336 | $460 | $1,025 | $1,555 | $2,181 |
Source: Ownwell