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Read the article at The Electric by Jenn Rowell
Excerpt:
“Boggess said that if the market comes back down by the next appraisal, that will be reflected in updated property valuations.
According the DoR, property taxes are calculated with these formulas:
- Current Market (Assessed) Value x Tax Rate = Current Taxable Value
- Current Taxable Value x Millage Rate/1000 = General Property Taxes
More information on how to interpret the assessment notice is located on the DoR website.
Property owners can, and should, verify their property data on the website at property.mt.gov, according to DoR.
According to the DoR figures, the 2023 median residential value is $237,800, which is a 31 percent increase over the previous appraisal year, or an increase of $56,400.
The median value is the “middle” value of residential or commercial properties within the county, meaning that half of the properties are valued higher than the median and half are valued lower, according to DoR.
Several local residents attended the July 5 City Commission meeting said they were concerned about the increase in their appraised values from the state and how that would impact their taxes.
The notices from the state included an estimated tax impact, but city officials said during the July 5 meeting that those numbers may not be accurate.
Mayor Bob Kelly said that the taxable value of his home rose by about 40 percent, but using last year’s mill value, estimated that his local taxes would go up about 15 percent.
Melissa Kinzler, city finance director said that they don’t receive the newly taxable values from DoR until August so have made budget projections based on the previous year’s values, but that when someone’s taxable values increase, it doesn’t represent an increase in revenue for the city.”
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