Richey, Montana Property Taxes
The median property tax rate in Richey, MT is 0.82%, slightly lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Richey at $147,267, the typical annual property tax bill amounts to $1,281, significantly below the national median of $2,690. Property taxes in Richey are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Richey'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 Richey 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
Richey, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,208
$1,121
Ownwell’s Richey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richey 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 Richey, Montana
Property taxes in Richey, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richey is 0.82%, lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Richey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richey 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 Richey's effective property tax rate to other counties in Montana and the national median. For comparison, the 59259 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Richey provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richey Tax Rate
0.82%
Average Richland County Tax Rate
0.90%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richey, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59259 | 0.58% | 0.65% | 0.82% | 1.01% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Richey, Montana
In Richey, 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 Richland 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. Assessment notices in Richey 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 Richey 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 is 59259, with a value of $1,281, identical to the lowest median tax bill in the same zip code.
Average Richey Assessed Value
$147,267
Average Richland County Assessed Value
$177,637
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richey, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59259 | $53,788 | $98,828 | $147,267 | $240,100 | $422,858 |
Source: Ownwell
Property Tax Bills Across Richey, Montana
In Richey, located in Richland County, MT, property tax bills are calculated based on the assessed value of a property. The assessed value is typically a percentage of the market value, which is determined by the local assessor's office. Factors such as the property's size, location, and condition are considered in the assessment process. Homeowners in Richey can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $805, while the 75th percentile tax bill reaches approximately $2,852, and the 90th percentile can be as high as $4,363. These figures show a wide range in property tax obligations, influenced by the assessed value and applicable tax rates. When compared to the national median property tax rate of 0.99%, homeowners in Richey may find their tax bills to be relatively moderate. Understanding how these factors interplay helps homeowners anticipate their annual property tax expenses, allowing for better financial planning and budgeting.
Average Richey Tax Bill
$1,281
Average Richland County Tax Bill
$1,650
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Richey, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59259 | $420 | $805 | $1,281 | $2,852 | $4,363 |
Source: Ownwell