This story is excerpted from the MT Lowdown, a weekly newsletter digest containing original reporting and analysis published every Friday.
It’s no secret that prices in Montana’s real estate market have risen dramatically in recent years, but the state’s breakneck appreciation was driven home for many residents in June when the Montana Department of Revenue sent out its every-other-year reappraisal notices, informing property owners about updates to the value estimates used to calculate property taxes. The increases — commonly 40%, 50%, 60% — or even higher, left many homeowners with their jaws on the floor.
Statewide, the median residential property saw its value increase by a whopping 46%, the revenue department reported. But that value growth was distributed unevenly across the state.
Counties in western Montana — especially rural counties that were until recently blessed with cheap housing — saw the highest percentage increases. Granite County, around Philipsburg and Drummond, saw its median home valuation rise 67%, from $182,000 to $304,410, the largest increase in the state. Similarly, median values increased by 64%, to $185,880, in Meagher County (White Sulphur Springs) and 60% to $185,915 in Deer Lodge County (Anaconda).
RELATED
Property taxes, explained — with pictures
Property values have risen dramatically in Montana, but that doesn’t necessarily mean you (or your landlord) will pay higher property taxes. If you want to know why, read our property tax explainer — with pictures.
Some of the state’s longtime real estate hot spots saw smaller percentage increases that are nonetheless significant in dollar terms. Median residential values in Gallatin County, which includes Bozeman, rose 59% to $646,000. Flathead County saw a 45% increase to $444,700, and Missoula County saw a 37% increase to $413,200.
Complete data, including similar figures for commercial assessments, is available on the department website.
Also worth a look in case you missed it: our visual guide to how property taxes actually work.
LATEST STORIES
How Montana’s federal campaigns are funded
Montana’s federal candidates have arrived at the final stage of the general election largely fueled by individual contributions. National political action committee donations and contributions from congressional leadership committees also play a major role. Here’s a summary of the financial picture for each major candidate who raised at least $90,000 in individual contributions leading up…
First Nations celebrate Albertans’ decision to remain a part of Canada
The Blackfoot Confederacy, a coalition of tribes in Montana and Alberta, celebrated Albertans’ decision this week to remain a province within Canada. The “no” vote represents a long-sought victory for First Nations in Alberta, who brought a legal challenge and launched a public information campaign to thwart the secession. Alberta’s independence movement dates back to…
Crow Legislature rejects bill to expand enrollment
After nearly two hours of impassioned debate, the Crow Tribe’s Legislature on Wednesday voted down a bill that would dramatically change who counts as a tribal member. The bill, brought by Chairman Frank White Clay, would have revised the tribe’s “blood quantum” standard, effectively making more people eligible for tribal citizenship. Supporters argued that the…
