Medicine Lake, Montana Property Taxes
The median property tax rate in Medicine Lake, MT is 1.55%, significantly higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Medicine Lake at $54,700, the typical annual property tax bill reaches $855, which is below the national median of $2,690. Property taxes in Medicine Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medicine Lake'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 Medicine Lake or another part of Sheridan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medicine Lake, Montana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,660
Ownwell’s Medicine Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medicine Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medicine Lake 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 Medicine Lake, Montana
Property taxes in Medicine Lake, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medicine Lake is 0.83%, which is lower than both the Montana state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Medicine Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medicine Lake 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 Medicine Lake's effective property tax rate to other counties in Montana and the national median. For comparison, the highest median property tax rate in Sheridan County is 0.83%, while the lowest median tax rate is also 0.83%. Understanding how these cities compare with Medicine Lake provides valuable insights into the varying tax landscape across Sheridan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medicine Lake Tax Rate
1.55%
Average Sheridan County Tax Rate
1.29%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medicine Lake, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59247 | 1.09% | 1.46% | 1.55% | 1.66% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Medicine Lake, Montana
In Medicine Lake, 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 Sheridan 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 Medicine Lake, 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. The median home price in Medicine Lake is $54,700, with tax bills ranging from $300 at the 25th percentile to $2,358 at the 90th percentile. The highest median tax bill is $855 in the 59247 zip code. 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 Medicine Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medicine Lake Assessed Value
$54,700
Average Sheridan County Assessed Value
$91,094
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medicine Lake, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59247 | $4,749 | $18,870 | $54,700 | $99,872 | $159,691 |
Source: Ownwell
Property Tax Bills Across Medicine Lake, Montana
In Medicine Lake, Sheridan County, MT, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $54,700, homeowners can expect their property tax bills to fall within a range. The 25th percentile tax bill is around $300, while the 75th percentile tax bill reaches up to $1,477. At the 90th percentile, tax bills can be as high as $2,358. These property tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Medicine Lake's property tax rates reflect the local economic conditions and public service needs. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Medicine Lake Tax Bill
$855
Average Sheridan County Tax Bill
$1,221
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Medicine Lake, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59247 | $79 | $300 | $855 | $1,477 | $2,358 |
Source: Ownwell