Terry, Montana Property Taxes
The median property tax rate in Terry, MT is 1.05%, slightly higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Terry at $64,400, the typical annual property tax bill amounts to $686, which is below the national median of $2,690. Property taxes in Terry are calculated based on the assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Terry'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 Terry or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terry, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$676
Ownwell’s Terry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terry 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 Terry, Montana
Property taxes in Terry, Montana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terry is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Terry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terry 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 Terry's effective property tax rate to other counties in Montana and the national median. For comparison, the 59349 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Terry provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terry Tax Rate
1.05%
Average Prairie County Tax Rate
1.05%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terry, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59349 | 0.79% | 1.00% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Terry, Montana
In Terry, 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 Prairie 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 Terry, 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 Terry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Terry are both $686, found in the 59349 zip code.
Average Terry Assessed Value
$64,400
Average Prairie County Assessed Value
$64,200
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terry, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59349 | $7,543 | $21,712 | $64,400 | $110,800 | $175,531 |
Source: Ownwell
Property Tax Bills Across Terry, Montana
In Terry, Prairie County, MT, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor’s office and reflects a percentage of the market value of your property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Terry, the median home price is $64,400. Property tax bills can vary significantly, with the 25th percentile tax bill at $260 and the 75th percentile reaching $1,139. At the 90th percentile, homeowners might see a tax bill as high as $1,827. The highest median tax bill in the area is $686, found in the zip code 59349. These property taxes are crucial as they fund local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Terry's rates can be quite variable, impacting homeowners differently based on their property's assessed value.
Average Terry Tax Bill
$686
Average Prairie County Tax Bill
$652
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Terry, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59349 | $107 | $260 | $686 | $1,139 | $1,827 |
Source: Ownwell