Montana’s residential property values increased an average of 12.5 percent over the past year, according to the Department of Revenue in its biennial reappraisal. The average increase for businesses was almost 10 percent.
Many communities saw property value increases in the double digits, with Gallatin County (Bozeman) having the highest of 23 percent for residential and 20 percent for commercial property. Yellowstone County had an increase of 7 percent.
Madison County had the biggest average increase of any county for residential property, at nearly 29 percent. Park County had the largest average increase for commercial property at 27 percent.
Property values in Ravalli County increased 12.3 percent, followed by those in Missoula at 12.1 percent, Flathead County at 11 percent, Lewis and Clark at 9.5 percent, and then Silver Bow County and Cascade at 9 percent.
Property value increases do not necessarily mean increases in taxes. Taxes are determined by the number of mills set by governing bodies such as counties and/or cities. State law limits tax increases, levied by taxing jurisdictions, to no more than half the rate of inflation, without a vote of the people.