Example of Yellowstone County Property Tax Calculation
Yellowstone County calculates property tax based on the assessed value of your property.
To determine the assessed value, the county assessors consider factors such as the size and location of your property, the age of the buildings, and any recent renovations or improvements. Once the assessed value is determined, the county applies a tax rate to calculate the property tax owed.
For example, if the assessed value of a property in Yellowstone County is $200,000 and the tax rate is 1%, the property tax owed would be $2,000 per year.
It is important to note that property tax rates and assessment methods can vary by state and county. It is recommended to consult with your local county assessor's office for specific information regarding property tax calculations in your area.
If you want appeal your property tax assessment - contact your local tax assessor.
Yellowstone County Property Tax Rates
The Yellowstone County Property Tax rates as of 2021 are listed below in a formatted table. The rates are expressed as the amount of tax per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $3.97 |
| Road Fund | $1.00 |
| High School | $4.86 |
| Elementary | $6.70 |
| City of Billings | $4.67 |
Please note that these rates may vary depending on the specific location and classification of the property. It is recommended to consult with a professional tax advisor for a more accurate assessment of your property tax liability.
Who sets property tax rates in Yellowstone County ?
Who sets property tax rates in Yellowstone County?
The Yellowstone County Board of Commissioners sets the property tax rates in Yellowstone County. The Board is made up of three elected officials who are responsible for managing county operations and establishing policies that benefit the community.
When are property tax rates set in Yellowstone County?
Property tax rates in Yellowstone County are set annually by the Board of Commissioners. The process typically begins in the summer months when the county assesses the value of all taxable properties within its jurisdiction. Once the assessments are complete, the Board of Commissioners will hold public hearings to gather input from the community before finalizing the tax rates for the following year.
How are property taxes calculated in Yellowstone County?
In Yellowstone County, property taxes are based on the assessed value of a property and the tax rates set by the Board of Commissioners. The assessment is determined by the Yellowstone County Assessor's Office based on the market value of the property. Once the assessment is complete, the county applies the appropriate tax rates to calculate the amount owed by the property owner. The taxes collected are used to fund essential services like schools, roads, and public safety.
Homestead exemptions in Yellowstone County ?
To better understand the Homestead exemptions and deductions available in Yellowstone County, Montana, it's important to have a clear overview of the eligibility criteria, the amounts involved, and any additional notes to keep in mind. Here's a table with the main columns that can help you compare and choose the most suitable option for your situation:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | Up to 100% of the first $150,000 of assessed value | Must apply by March 15th |
| Additional Homestead Exemption | Homeowners over 62, disabled, or veteran | Up to 50% of the next $200,000 of assessed value | Must apply by March 15th |
| Disabled Veterans Exemption | Veterans with a 100% service-connected disability | Full exemption on property taxes | Must provide proof of eligibility |
| Agricultural Land Exemption | Land used for agricultural purposes | Up to 100% of the assessed value | Must meet specific criteria, apply by November 30th |
| Hardship Exemption | Homeowners facing financial hardship | Up to 100% of the assessed value | Must meet specific criteria and provide proof of hardship |
It's worth noting that some of these exemptions and deductions are not mutually exclusive, so homeowners may be eligible for more than one option at the same time. Additionally, the amounts listed may vary depending on the specific details of each property and the assessment process. Therefore, it's recommended to consult with a tax professional or the Yellowstone County Treasurer's Office for more information and guidance on how to apply for these benefits.
When is Yellowstone County Property Tax due ?
Yellowstone County Property Tax is typically due on November 30th of each year. Payments made after this date will incur a late fee.
There are several payment methods available for taxpayers to choose from. They can opt to pay online using the County’s ePayment system, which accepts credit cards (Visa, Mastercard, and Discover) and electronic checks (E-checks). Alternatively, taxpayers can pay in person at the County Treasurer’s Office located at 217 North 27th Street, Room 1100, Billings, MT 59101.
Here is a summary of the available payment methods:
| Payment Method | Description |
|---|---|
| ePayment system | Online payment system that accepts credit cards and electronic checks. |
| In-person payment | Pay in person at the County Treasurer’s Office using cash, check, or money order. |
It is important to note that the County does not accept postdated checks or credit card payments over the phone. Additionally, taxpayers are advised to keep their payment confirmation receipts for future reference.
If you have more questions - contact your local tax collector.
How is Yellowstone County Property Tax penalty calculated ?
Yellowstone County Property Tax Penalty Calculation
In Yellowstone County, property taxes are due on November 30th of each year. If the property owner fails to pay the taxes by that date, a penalty will be assessed. The penalty is calculated as follows:
- November 30th deadline: Property taxes must be paid in full by this date to avoid penalty.
- December 1st - December 31st: If taxes are not paid by November 30th, a penalty of 2% is added to the total amount owed.
- January 1st - January 31st: If taxes are still not paid, an additional penalty of 3% is added to the total amount owed (for a total penalty of 5%).
- February 1st - February 28th: If taxes are still not paid, an additional penalty of 4% is added to the total amount owed (for a total penalty of 9%).
For example, if a property owner owes $2,000 in property taxes for the year and does not pay by the November 30th deadline, the penalty calculation would be as follows:
- December 1st - December 31st: 2% penalty = $40
- January 1st - January 31st: 3% penalty = $60 (total penalty = $100)
- February 1st - February 28th: 4% penalty = $80 (total penalty = $180)
Therefore, if the property owner pays their taxes on February 28th (the last day before the penalty increases again), they will owe a total of $2,180 ($2,000 in taxes + $180 in penalties).
It's important for property owners to pay their taxes on time to avoid these penalties and additional fees.
We recommend contacting the Yellowstone County Tax Office or a local tax professional for the most up-to-date and accurate information.