Fairfield, Montana Property Taxes
The median property tax rate in Fairfield, MT is 1.05%, which is higher than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Fairfield at $253,950, the typical annual property tax bill reaches $2,606, slightly above the national median of $2,690. Property taxes in Fairfield are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fairfield's property tax system and exploring available exemptions can lead to significant annual savings. Whether you're in the heart of Fairfield or another part of Teton County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairfield, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$2,666
Ownwell’s Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield 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 Fairfield, Montana
Property taxes in Fairfield, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other counties in Montana and the national median. For comparison, the zip code 59436 has both the highest and lowest median property tax rate of 1.05%, identical to Fairfield's rate. Understanding how these areas compare with Fairfield provides valuable insights into the varying tax landscape across Teton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
1.05%
Average Teton County Tax Rate
0.93%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59436 | 0.72% | 0.83% | 1.05% | 1.17% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, Montana
In Fairfield, 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 Teton 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 Fairfield, 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 Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairfield is $2,606 in the 59436 zip code, while the lowest median tax bill is also $2,606 in the same zip code.
Average Fairfield Assessed Value
$253,950
Average Teton County Assessed Value
$215,184
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59436 | $73,445 | $166,078 | $253,950 | $356,002 | $484,238 |
Source: Ownwell
Property Tax Bills Across Fairfield, Montana
Property tax bills in Fairfield, Teton County, MT, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Fairfield, the median home price is $253,950. Property tax bills in this area vary significantly, with the 25th percentile paying $1,636 and the 75th percentile paying $3,715. At the higher end, the 90th percentile sees tax bills around $5,707. These figures highlight the variability in property tax bills, which can be influenced by factors such as property improvements, location, and changes in the local tax rate. Compared to the national median property tax rate of 0.99%, Fairfield's property tax bills reflect local economic conditions and funding needs for public services. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Fairfield Tax Bill
$2,606
Average Teton County Tax Bill
$2,060
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59436 | $758 | $1,636 | $2,606 | $3,715 | $5,707 |
Source: Ownwell