What Montana Homeowners Should Do With New Valuations
- Updated property valuations are in the mail to property owners in Montana
- You can appeal the valuation for 30 days
- Due to all the changes in Montana law and property values, all property owners are urged to look at the valuation
Home Valuations Throughout The State Are Expected To Go Up
According to reporting from Montana Free Press:
The value of homes in Montana has skyrocketed from 2022 to 2024.
Valuations in Montana are done a bit differently than most states as the valuation happens at a state level and they're updated every 2 years.
The valuations should show both the current assessed value and the current taxable value of the property.
It’s important that Montana property owners review this information. If property owners wait until property tax bills are sent in November, it will be too late for the department to correct property characteristics and make adjustments that may impact the value of the property for Tax Year 2025, Revenue Department Director Brendan Beatty said in a statement.--Montana Free Press
Reappraisal Notices Will NOT Include All Information Included In Prior years
Last year when the reappraisal notices were sent out, it sent most Montanans into a tail spin. Due to that, this year's notices will NOT include the estimate on how the updated valuations will change final tax bills.
Remember, values averages a 40% increase on homes and a 21% increase on median properties in the 2023 appraisals.
The Montana legislature passed some tax relief this year but they aren't implemented yet. We should have the new tax relief in the next 2 years in Montana.
Fellow Montanans, may the odds be forever in your favor.
Source: Montana Free Press
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