Billings, Montana Property Taxes
The median property tax rate in Billings, MT is 0.85%, slightly higher than the Montana state median of 0.83% but below the national median of 0.99%. With a median home value of $310,800 in Billings, the typical annual property tax bill reaches $2,623, which is just under the national median of $2,690. Property taxes in Billings are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Billings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Billings or another part of Yellowstone County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Billings, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,642
$2,452
Ownwell’s Billings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Billings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Billings 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 Billings, Montana
Property taxes in Billings, Montana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Billings is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Billings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Billings 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 Billings' effective property tax rate to other areas in Yellowstone County and the national median. For comparison, the 59101 zip code has the highest median property tax rate of 0.89%, while the 59106 zip code has the lowest median tax rate of 0.82%. Understanding how these cities compare with Billings provides valuable insights into the varying tax landscape across Yellowstone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Billings Tax Rate
0.85%
Average Yellowstone County Tax Rate
0.84%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Billings, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59101 | 0.56% | 0.77% | 0.89% | 0.96% | 1.04% |
| 59102 | 0.72% | 0.81% | 0.86% | 0.92% | 0.96% |
| 59105 | 0.62% | 0.75% | 0.82% | 0.87% | 0.93% |
| 59106 | 0.60% | 0.74% | 0.82% | 0.88% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Billings, Montana
In Billings, 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 Yellowstone 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 Billings, 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 Billings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill is $3,746 in the 59106 zip code, while the lowest is $2,141 in the 59101 zip code.
Average Billings Assessed Value
$310,800
Average Yellowstone County Assessed Value
$306,700
Average Montana Assessed Value
$317,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Billings, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59101 | $21,700 | $173,400 | $233,850 | $317,025 | $425,700 |
| 59102 | $175,768 | $255,000 | $300,300 | $354,900 | $432,600 |
| 59105 | $64,800 | $274,500 | $331,200 | $388,100 | $462,700 |
| 59106 | $316,240 | $387,475 | $463,200 | $597,725 | $747,590 |
Source: Ownwell
Property Tax Bills Across Billings, Montana
In Billings, Yellowstone County, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual property tax bill. Factors considered in this calculation include the property's location, size, and any applicable exemptions or abatements. Homeowners in Billings experience a range of property tax bills. For instance, the 25th percentile of tax bills is around $2,010, while the 75th percentile reaches $3,287. The highest median tax bill in the area is $3,746 in the 59106 zip code, whereas the lowest median tax bill is $2,141 in the 59101 zip code. Compared to the national median property tax rate of 0.99%, Billings offers a varied landscape for homeowners, with tax obligations significantly influenced by property values and specific zip code rates. This variation can impact household budgets and the overall cost of homeownership in the area.
Average Billings Tax Bill
$2,623
Average Yellowstone County Tax Bill
$2,559
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Billings, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59101 | $299 | $1,590 | $2,141 | $2,794 | $3,611 |
| 59102 | $1,005 | $2,157 | $2,586 | $3,066 | $3,727 |
| 59105 | $637 | $2,131 | $2,694 | $3,136 | $3,721 |
| 59106 | $2,033 | $3,038 | $3,746 | $4,898 | $6,251 |
Source: Ownwell