Residents Receive Information From Assessment Division
Area residents received information about appraisal notices from representatives of the Department of Revenue Property Assessment Division during a meeting at the Wolf Point Senior Center on Wednesday, July 26.
Liz Franz, regional manager, conducted the meeting. Also in attendance were Michelle Mattick and appraiser Michael Carney.
An hour-long presentation from the department explained that “improvements” on appraisal notices doesn’t necessary mean something that was done during the current cycle. Value increases could come from either the prior year or was discovered during the prior year.
Current taxable value is based on current assessed value times tax rate. Estimated 2023 general taxes are determined by current taxable value times prior year millage rate.
Mill levies are determined by local government each September. The number is the total amount of mills levied against the property last year.
As far as where property taxes are directed, 32.37 percent are for local schools, 28.18 for counties, 17.79 percent for state, 11.26 for cities and towns, 5.96 percent for county-wide schools and 4.44 percent for fire and miscellaneous.
Even if your property appreciated a large amount, it doesn’t necessarily mean your taxes will go up by the same amount. Montana law restricts local governments from receiving a property tax windfall from increasing valuations, and local voters have control over their special mill levies.
The Department of Revenue Property Assessment Division values property and determines taxable values. The department doesn’t set mill rates or tax property.
“Basically we deal in value, the county deals with taxes,” Franz said.
Property is assessed at 100 percent of the market value. In Montana, there are 17 property tax classes and legislators assign the tax classes.
The department uses three approaches to appraise property including cost approach, sales comparison approach and income approach.
When agriculture land is appraised, its value is based on productivity based on a 10-year average.
If a resident disagrees with their property appraisal, they can request an informal property review and appeal by going to MTRevenue.gov. If not satisfied with the result, they can appeal to the state tax review board.
Liz Franz, regional manager for the Department of Revenue Property Assessment Division, speaks during a meeting in Wolf Point on Wednesday, July 26.
(Photo by Bill Vander Weele)