Example of Big Horn County Property Tax Calculation
Big Horn County calculates property tax based on the assessed value of the property. To determine the assessed value, the county appraiser assesses the property's current market value and applies the appropriate assessment rate, which is typically a percentage of the market value.
For example, if a property in Big Horn County has a market value of $200,000 and the assessment rate is 11.5%, the assessed value would be $23,000 (i.e., $200,000 x 0.115).
Once the assessed value is determined, the county applies the tax rate to calculate the property tax owed. The tax rate is based on the total amount of revenue needed by the county and other local taxing jurisdictions, such as cities, school districts, and special districts.
For instance, if the tax rate is $10 per $1,000 of assessed value, the property tax owed for the above example would be $230 (i.e., $23,000 x $10 / $1,000).
It's essential to note that property tax rates and assessment rates can vary depending on the location and type of property. Property owners in Big Horn County receive their property tax statement in November, and the payment is due on December 20th.
If you want appeal your property tax assessment - contact your local tax assessor.
Big Horn County Property Tax Rates
Here is a table listing the Big Horn County Property Tax rates for the year 2021:
| Tax Type | Rate per $100 Assessed Value |
|---|---|
| Residential | $0.89 |
| Commercial | $1.87 |
| Agricultural Land | $0.63 |
| Personal Property | $2.18 |
Please note that these rates are subject to change and may vary depending on the specific property and its assessed value. It's always best to consult with a licensed tax professional for specific guidance regarding property taxes in Big Horn County.
Who sets property tax rates in Big Horn County ?
Who sets property tax rates in Big Horn County? The property tax rates in Big Horn County are set by the County Commissioners.
When are property tax rates set? The County Commissioners set the property tax rates annually during a public meeting. The rates are typically set in the fall, usually in September or October.
Factors that influence property tax rates Several factors can impact the property tax rates in Big Horn County, including:
- Changes in property values within the county
- Budget requirements for the county
- Voter approved tax levies
Property tax rate calculation The property tax rate is calculated by dividing the total amount of revenue needed by the assessed value of all the properties in the county. The resulting number represents the tax rate per $1,000 of assessed property value.
Appealing property tax rates Property owners in Big Horn County have the right to appeal their property tax rates if they believe they are unfair or incorrect. They must file an appeal with the County Board within 30 days of receiving their property tax assessment.
Homestead exemptions in Big Horn County ?
To help homeowners in Big Horn County, Montana, understand the various Homestead exemptions and deductions available, the following table outlines the key information they need to know:
Homestead Exemptions and Deductions in Big Horn County, Montana
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied homes | Up to $250,000 | Must apply by March 1st |
| Senior Citizen/Disabled Person Exemption | Owner-occupied homes with a resident aged 62 or older, or with a resident with a disability | Up to $250,000 | Must apply by March 1st |
| Property Value Reduction for All Classes | All property owners | 3% of assessed value | Applied automatically |
| Agricultural Property Exemption | Agricultural property used for agricultural purposes | Varies based on acreage and use | Must apply by March 1st |
| Forest Land Exemption | Forest land used for forest purposes | Varies based on acreage and use | Must apply by March 1st |
| Centrally Assessed Property | Property owned by public utilities, railroads, and other centrally-assessed entities | Varies based on industry | Must apply by March 1st |
It's important to note that all applications for exemptions and deductions in Big Horn County must be received by March 1st of each year. Additionally, some exemptions may require additional documentation or verification of eligibility. Homeowners should contact the Big Horn County Assessor's Office for more information and assistance with their applications.
By taking advantage of these Homestead exemptions and deductions, Big Horn County homeowners can potentially save thousands of dollars on their property taxes each year.
When is Big Horn County Property Tax due ?
Big Horn County Property Tax is typically due on November 30th of each year. There are several payment methods available to taxpayers to make their property tax payments:
| Payment Method | Description |
|---|---|
| In Person | Payment can be made in person at the Big Horn County Treasurer's office located at 121 3rd Street West, Hardin, MT 59034. Office hours are Monday to Friday, 8 am to 5 pm. |
| By Mail | Payment can also be made by mailing a check or money order to the Big Horn County Treasurer's office at the above address. Payments must be postmarked by November 30th to avoid penalties. |
| Online | Taxpayers can pay their property taxes online through the Big Horn County Treasurer's website using a credit or debit card. Additional fees may apply. |
It is important to note that failure to pay property taxes on time may result in penalties and interest charges. Taxpayers who are unable to pay their property taxes by the due date may contact the Big Horn County Treasurer's office to discuss payment options or to set up a payment plan.
If you have more questions - contact your local tax collector.
How is Big Horn County Property Tax penalty calculated ?
Big Horn County calculates property tax penalties as a percentage of the unpaid tax amount. The penalty rate is determined by state law and varies depending on how long the taxes have been unpaid. The longer the taxes remain unpaid, the higher the penalty rate.
Here is an example of how the penalty is calculated:
| Unpaid Tax Amount | Penalty Rate | Penalty Amount |
|---|---|---|
| $1,000 | 2% | $20 |
| $1,000 | 3% | $30 |
| $1,000 | 4% | $40 |
If a property owner owes $1,000 in property taxes and the taxes remain unpaid after the due date, a penalty will be assessed. If the penalty rate is 2%, the penalty amount will be $20. If the taxes remain unpaid for an additional period of time, the penalty rate will increase and the penalty amount will be higher.
It is important for property owners in Big Horn County to pay their property taxes on time to avoid penalties and additional fees.
We recommend contacting the Big Horn County Tax Office or a local tax professional for the most up-to-date and accurate information.