Park City, Montana Property Taxes
The median property tax rate in Park City, MT is 0.58%, considerably lower than both the national median of 0.99% and the Montana state median of 0.83%. With the median home value in Park City at $461,900, the typical annual property tax bill reaches $2,761, slightly above the national median of $2,690. Property taxes in Park City 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 Park City'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 Park City or another part of Yellowstone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Park City, Montana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$2,679
$2,486
Ownwell’s Park City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park City 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 Park City, Montana
Property taxes in Park City, Montana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park City is 0.58%, which is lower than both the Montana state median and the U.S. national median of 0.99%. Local government entities within Park City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park City 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 Park City's effective property tax rate to other counties in Montana and the national median. For comparison, the 59063 zip code has the same median property tax rate of 0.58%, providing a consistent tax landscape within Yellowstone County. Understanding how these cities compare with Park City 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 Park City Tax Rate
0.58%
Average Yellowstone County Tax Rate
0.84%
Average Montana Tax Rate
0.83%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park City, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59063 | 0.56% | 0.57% | 0.58% | 0.59% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Park City, Montana
In Park City, Montana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Park City, 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 Park City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Park City is $461,900, with annual tax bills ranging from $2,468 at the 25th percentile to $3,319 at the 90th percentile. The zip code 59063 has both the highest and lowest median tax bills at $2,761.
Average Park City Assessed Value
$461,900
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 Park City, Montana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59063 | $193,210 | $434,900 | $461,900 | $523,500 | $563,420 |
Source: Ownwell
Property Tax Bills Across Park City, Montana
In Park City, located in Yellowstone County, MT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Various factors influence the assessed value, including the home's size, age, location, and any improvements made to the property. Property tax rates in Park City are applied to the assessed value to determine the annual tax bill. The median home price in the area is $461,900, leading to varying tax bills. For instance, homeowners in the 25th percentile can expect a tax bill around $2,468, while those in the 75th percentile may see bills closer to $3,107. The highest median tax bill recorded in the region is $2,761, which aligns with the national median property tax rate of 0.99%. These property taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners.
Average Park City Tax Bill
$2,761
Average Yellowstone County Tax Bill
$2,559
Average Montana Tax Bill
$2,646
Average United States Tax Bill
$2,690
Property Tax Bills Across Park City, Montana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 59063 | $1,684 | $2,468 | $2,761 | $3,107 | $3,319 |
Source: Ownwell