Montello, Nevada Property Taxes
The median property tax rate in Montello, NV is 0.88%, slightly below the national median of 0.99% but higher than the Nevada state median of 0.80%. With the median home value in Montello at $19,289, the typical annual property tax bill is $186, significantly lower than the national median of $2,690. Property taxes in Montello are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Montello'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 Montello or another part of Elko County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montello, Nevada Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$170
$158
Ownwell’s Montello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montello 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 Montello, Nevada
Property taxes in Montello, Nevada, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montello is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Montello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montello 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 Montello's effective property tax rate to other counties in Nevada and the national median. For comparison, the zip code 89830 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Montello provides valuable insights into the varying tax landscape across Elko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montello Tax Rate
0.88%
Average Elko County Tax Rate
0.92%
Average Nevada Tax Rate
0.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montello, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89830 | 0.46% | 0.82% | 0.88% | 0.96% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Montello, Nevada
In Montello, Nevada, 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 Elko County Assessor 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 Montello, 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 Montello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Montello is $19,289, with tax bills ranging from $55 at the 25th percentile to $663 at the 90th percentile. The highest and lowest median tax bills are both $186, found in zip code 89830.
Average Montello Assessed Value
$19,289
Average Elko County Assessed Value
$142,560
Average Nevada Assessed Value
$225,374
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montello, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89830 | $4,272 | $7,135 | $19,289 | $42,292 | $73,885 |
Source: Ownwell
Property Tax Bills Across Montello, Nevada
In Montello, located in Elko County, NV, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $19,289, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $55, while at the 75th percentile, they rise to approximately $401, and at the 90th percentile, they can reach up to $663. These tax bills impact homeowners by adding a financial obligation that must be budgeted for annually. The variability in tax bills highlights the importance of understanding how assessed values and local tax rates influence what homeowners ultimately pay. Despite these fluctuations, Montello's property tax rates remain relatively low compared to the national median property tax rate of 0.99%, making it a more affordable option for property owners.
Average Montello Tax Bill
$186
Average Elko County Tax Bill
$1,397
Average Nevada Tax Bill
$1,782
Average United States Tax Bill
$2,690
Property Tax Bills Across Montello, Nevada
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 89830 | $19 | $55 | $186 | $401 | $663 |
Source: Ownwell