MISSOULA – This edition of Current Events with Missoula Current founding editor Martin Kidston takes an in-depth look at property appraisals that were recently sent out to residents.
"The state recently — this week exactly — sent out their new appraisals for your properties across the city. I think there's some sticker shock there. The valuations this year are pretty high. They've increased 25%-to-30% on some properties,” Kidston said. “The city and the county have just started their budgeting process. So when all these valuations come in here in about a month, they'll be able to see what kind of revenue they're playing with for the next fiscal year."
Some people have been excited to see what their homes are worth in the hot real estate market, but this is the other side of the coin.
"Somebody said you should be happy your home is increasing in value,” Kidston said. “It's kind of that perspective. Yes, the homes are worth more. But if you want to stay in your home until you retire or something, it may be more difficult as taxes continue to increase,” Kidston said.
The rise in property appraisals could mean the City of Missoula will see more money coming.
“That's one outcome,” Kidston noted. “Also, new building permits will play into this, so we'll see what comes out there. So, if revenues are higher than the city anticipated, they don't have to levy as many mills. “They'll still get more money because the mills are worth more. But if they have to increase mills on top of the tax increase, that could be pretty painful for property owners, property owners are going to be paying a lot more.
So, what can people do at this point to fight the property appraisals they have received?
“You can protest your state appraisal,” Kidston said. “You can also participate in the city and county budgeting process to see what kind of programs they want to fund. The mayor has already said his top priority is funding a year-round shelter at Johnson Street. They want to increase wages for non-union city employees. They want to invest about $11 million in Misoula Water. There's a lot of projects like that."
“They also need to increase the pay of police and fire departments and of course, you got the homeless problem. So, we'll see how they divvy up the pie here at the end of the [budget] season. The city has already started the budget process. So, the departments will begin to offer their needs and wants over the next coming weeks, they'll do that department by department. And then in August, they'll look at adopting the budget and adjusting it based upon the state appraisals.”
People have already been talking about receiving their property appraisals on social media, with some saying they have sticker shock. Some have noted their taxes have doubled since about 2019.
“Median price is now over $500,000 and you a tax increase on any property is going to eventually trickle down to renters, so they should be paying attention as well,” Kidston advised. “Keep your eyes open, participate and we'll see how it plays out in August.”
