GREAT FALLS — Letters about property appraisals that will impact future property taxes went out recently to residents of Cascade County, with many reporting a sharp increase in their assessed value and taxable value compared to prior years.
Every two years, the Montana Department of Revenue sends out new assessments of properties that take into account several factors such as improvements made to the property and the housing market. Looking at the most recent assessments, the sharp increase in real estate prices seems to have a significant impact on the values.
These notices are not tax bills. They include the department’s determination of market or productivity value and the taxable value for your property that will be used by your county treasurer to determine the property taxes owed for tax year 2023 and 2024.
While taxable value does not directly translate to what an individual will pay for their property taxes, it is the value used by government agencies to determine property taxes along with a person's total tax rate.
“It’s important that Montana property owners review this information,” said Brendan Beatty, director of the Montana Department of Revenue. “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 2023. So please review the notice as soon as possible and contact us if you have questions.”
If property owners disagree with the department’s determination of value for their property, they may submit a Request for Informal Classification and Appraisal Review (called Form AB-26) within 30 days of the date on their notice. Owners can electronically submit the form, download it, and find more information on the informal review process by clicking here.
There will be two meetings in Great Falls on Monday, July 10, 2023 for people to learn more.
The first will be from 11:30 am to 3:30 pm, and the second will be from 4:30 pm - 7:00 pm.
The meetings will be at the Holiday Inn hotel at 1100 Fifth Street South.
They were originally scheduled to be at the Cascade County Annex Building, but have been moved due to an expected increase in the number of attendees.
Click here to learn more at the Montana Department of Revenue website.
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