Colstrip, Montana Property Taxes
The median property tax rate in Colstrip, MT is 0.78%, which is lower than both the national median of 0.99% and the Montana state median of 0.83%. With a median home value of $103,700 in Colstrip, the typical annual property tax bill amounts to $926, significantly below the national median of $2,690. Property taxes in Colstrip are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Colstrip's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Colstrip or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colstrip, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$809
Ownwell’s Colstrip Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colstrip with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colstrip 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 Colstrip, Montana
Property taxes in Colstrip, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colstrip is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Colstrip set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colstrip 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 Colstrip's effective property tax rate to other counties in Montana and the national median. For comparison, the 59323 zip code has both the highest and lowest median property tax rate of 0.78%, illustrating a consistent tax landscape within the area. Understanding how these cities compare with Colstrip provides valuable insights into the varying tax landscape across Rosebud County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colstrip Tax Rate
0.78%
Average Rosebud County Tax Rate
0.80%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colstrip, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59323 | 0.58% | 0.64% | 0.78% | 0.83% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Colstrip, Montana
In Colstrip, 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 Rosebud 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 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 Colstrip helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Colstrip is $103,700, with the 25th percentile tax bill at $299 and the 75th percentile at $1,183. The highest and lowest median tax bills, both at $926, are found in the 59323 zip code.
Average Colstrip Assessed Value
$103,700
Average Rosebud County Assessed Value
$88,000
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colstrip, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59323 | $9,338 | $22,358 | $103,700 | $148,800 | $189,780 |
Source: Ownwell
Property Tax Bills Across Colstrip, Montana
In Colstrip, located in Rosebud County, MT, property tax bills are calculated based on the assessed value of the home, which is then multiplied by the local tax rate. For homeowners, the assessed value is a percentage of the market value of their property. The local tax rate in Colstrip contributes to a median property tax bill that varies significantly. For instance, the 25th percentile tax bill is around $299, while the 75th percentile reaches up to $1,183. At the higher end, the 90th percentile tax bill can be as much as $1,459. These calculations mean that homeowners with higher-valued properties or those in areas with higher tax rates will face larger tax bills. The median home price in Colstrip is $103,700, which, when compared to the national median property tax rate of 0.99%, illustrates how local rates and assessed values impact overall tax obligations. Understanding these factors can help homeowners in Colstrip anticipate their property tax responsibilities and budget accordingly.
Average Colstrip Tax Bill
$926
Average Rosebud County Tax Bill
$942
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Colstrip, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59323 | $88 | $299 | $926 | $1,183 | $1,459 |
Source: Ownwell