Drummond, Montana Property Taxes
The median property tax rate in Drummond, MT is 0.70%, which is considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Drummond at $257,154, the typical annual property tax bill reaches $1,772, well below the national median of $2,690. Property taxes in Drummond 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 Drummond'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 Drummond 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
Drummond, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,800
$1,670
Ownwell’s Drummond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drummond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drummond 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 Drummond, Montana
Property taxes in Drummond, MT, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drummond is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Drummond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drummond 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 Drummond's effective property tax rate to other regions and the national median. For comparison, the zip code 59832 has both the highest and lowest median property tax rate of 0.70%, identical to Drummond's rate. Understanding how these areas compare with Drummond provides valuable insights into the varying tax landscape across Powell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drummond Tax Rate
0.70%
Average Powell County Tax Rate
0.75%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drummond, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59832 | 0.68% | 0.69% | 0.70% | 0.76% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Drummond, Montana
In Drummond, 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 Powell 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 Drummond, 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 Drummond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Drummond is $1772, both found in zip code 59832.
Average Drummond Assessed Value
$257,154
Average Powell County Assessed Value
$190,600
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drummond, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59832 | $156,286 | $204,194 | $257,154 | $338,449 | $520,059 |
Source: Ownwell
Property Tax Bills Across Drummond, Montana
In Drummond, located in Powell County, MT, property tax bills are calculated based on the assessed value of a home. The county assessor determines this value, which is then multiplied by the local tax rate to calculate the annual property tax bill. The median home price in Drummond is $257,154, and the property tax rate is used to generate the tax bill accordingly. Several factors influence the tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For example, tax bills in Drummond range significantly, with the 25th percentile at $1,391 and the 75th percentile at $2,381. The highest median tax bill in the area is $1,772, applicable to the zip code 59832. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors helps in planning and budgeting for annual expenses, ensuring they are prepared for their tax obligations.
Average Drummond Tax Bill
$1,772
Average Powell County Tax Bill
$1,529
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Drummond, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59832 | $1,138 | $1,391 | $1,772 | $2,381 | $3,929 |
Source: Ownwell