Redstone, Montana Property Taxes
The median property tax rate in Redstone, MT is 1.18%, considerably higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Redstone, the typical annual property tax bill reaches $520, which is significantly lower than the national median of $2,690. Property taxes in Redstone 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 Redstone'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 Redstone 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
Redstone, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$392
$363
Ownwell’s Redstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redstone 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 Redstone, Montana
Property taxes in Redstone, Montana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Redstone is 1.18%, higher than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Redstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redstone 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 Redstone's effective property tax rate to other areas in Montana and the national median. For comparison, the 59257 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these areas compare with Redstone 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 Redstone Tax Rate
1.18%
Average Sheridan County Tax Rate
1.29%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redstone, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59257 | 1.09% | 1.11% | 1.18% | 1.43% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Redstone, Montana
In Redstone, 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 Redstone, 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 Redstone 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 Sheridan County are both $520, with the zip code 59257 reflecting this value.
Average Redstone Assessed Value
$33,196
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 Redstone, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59257 | $1,907 | $6,409 | $33,196 | $128,778 | $284,675 |
Source: Ownwell
Property Tax Bills Across Redstone, Montana
In Redstone, Sheridan County, MT, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The tax rate applied in this region is pivotal in determining the final tax bill. For instance, the median home price stands at $33,196, and property tax bills can vary significantly across different percentiles. Homeowners in the 25th percentile pay around $129, while those in the 75th percentile face a tax bill of approximately $1,972. At the 90th percentile, the tax bill soars to $3,807, reflecting the impact of higher property values. Several factors influence these calculations, including property size, location, and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Redstone to understand how their local rates compare. These taxes directly affect homeowners' annual expenses, potentially influencing decisions on property investments and financial planning.
Average Redstone Tax Bill
$520
Average Sheridan County Tax Bill
$1,221
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Redstone, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59257 | $23 | $129 | $520 | $1,972 | $3,807 |
Source: Ownwell