Preliminary Impacts and Changes in Market Values Due to Reappraisal
Explore the estimated preliminary impacts of reappraisal including changes in market values for residential, commercial, and agricultural properties. Compare estimated and actual values over cycles to assess trends and differences. Major changes in forest lands valuation and tax rates are highlighted.
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Presentation Transcript
Estimated Preliminary Impacts of Reappraisal December 4, 2024 Eric Dale-Tax Policy and Research
Estimated Reappraisal Changes Estimated Changes in Market Value from Reappraisal Billions Property Type Residential Commercial Agricultural Forest Land* TY 2024 $216.30 $35.55 $6.63 $1.67 TY 2025 $262.69 $38.51 $6.98 $1.27 % Change 21.45% 8.31% 5.39% -24.33% *Major changes are being made to the valuation and tax rate of forest lands in TY 2025. Market values are decreasing due to new stumpage values and the tax rate is reverting to 0.37% from 0.27%.
How Estimates Compare with Actuals Residential Estimated TV Change 8.08% 8.39% 12.06% 43.11% 21.69% Actual TV Change 8.89% 9.52% 10.66% 43.60% ? Difference 0.81% 1.13% -1.40% 0.49% ? 2016-2017 Cycle 2018-2019 Cycle 2020-2021 Cycle 2022-2023 Cycle 2024-2025 Cycle
How Estimates Compare with Actuals Commercial Estimated TV Change 12.05% 11.62% 10.84% 16.70% 8.31% Actual TV Change 4.46% 7.06% 5.17% 27.86% ? Difference -7.59% -4.56% -5.67% 11.16% ? 2016-2017 Cycle 2018-2019 Cycle 2020-2021 Cycle 2022-2023 Cycle 2024-2025 Cycle
Preliminary Agricultural Market Value Change Agricultural Market Value Change Property Class 1101 - Tillable Irrigated Land 1401 - Tillable Non-Irrigated Land/Summer/Fallow 1501 - Tillable, Non-Irrigated, Continuously Cropped 1601 - Grazing Land 1701 - Non-Qualified Ag Land 20-160 Acres 1801 - Wild Hay Land 2001 - 1 Acre Farmstead - Ag 15-7-202(1)(c)(ii), MCA % change 11.81% 2.50% 2.57% 5.05% 10.20% 11.57% 16.33%
Preliminary Forest Land Market Value Change Forest Land Stumpage Value Change Zone 1 (Northwest) Zone 2 (Southwest) Zone 3 (Central) Zone 4 (East) -23.29% -41.39% -28.47% 30.57%
Estimated Preliminary Impacts of Reappraisal TY 2024 TY 2025 Estimates Property Type Taxable Value $2,790.69 487.343 $1,360.023 $627.921 568.452 $152.730 523.444 $4.512 425.010 $1,142.763 479.841 $4,718.613 497.429 $2,347.174 Taxable Value $3,396.02 446.033 $1,514.735 $680.321 529.885 $161.405 496.791 $4.678 389.296 $1,182.369 456.016 $5,424.790 460.186 $2,496.412 Mills Tax Mills Tax Res. Comm. Ag. Timber Other Total $356.943 $79.946 $1.917 $548.345 $360.492 $80.184 $1.821 $539.180
Estimated Preliminary Impacts of Reappraisal Statewide Impact of Reappraisal for Classes 3, 4, and 10 TY 2024 Versus TY 2025 Estimates Difference-# Difference-% Property Type TV Mills Tax TV 21.69% (8.48%) 11.38% 8.35% (6.78%) 5.68% (5.09%) 3.70% (8.40%) (5.01%) 3.47% (4.97%) (1.67%) 14.97% (7.49%) Mills Tax Res. Comm. Ag. Forest Other Total $605.329 (41.311) $154.712 $52.400 (38.568) $8.675 (26.653) $0.167 (35.715) $39.606 (23.825) $706.177 (37.243) $149.238 $3.549 $0.239 ($0.096) ($9.165) 0.99% 0.30% 6.36%
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