How About Capping Your Property Taxes in Montana?
An effort to cap property taxes in Montana is one step closer to making it on the ballot this Fall. Constitutional Initiative-121 has been approved for signature gathering by Montana's Secretary of State Christi Jacobsen.
High property taxes have been a major challenge in Montana for decades, but given the post-pandemic influx of refugees fleeing the lockdown states for Big Sky Country- it's an even greater challenge. Property values have been skyrocketing, and since property taxes are based off of the value of the home, Montanans on fixed incomes are bracing for the impact of even higher taxes.
We spoke with Matthew Monforton, a Bozeman attorney and former state legislator who is leading the effort in support of CI-121. He is asking for Montanans across the state to help gather signatures. They also now have a website set up https://www.cappropertytaxes.com/
Matthew Monforton: People are literally going to get taxed out of their homes if we don't do something. Well, CI-121 is THAT something.
Here's audio of our conversation:
Here's the language from CI-121, according to the Montana Secretary of State's office website:
CI-121 limits annual increases and decreases in valuations of residential property to either 2% or the inflation rate (whichever is lower) when assessing property taxes if the property is not newly constructed, significantly improved, or had a change of ownership since January 1, 2019. CI-121 establishes 2019 state valuations as the base year for the valuations of residential property and permits annual state reassessment. It requires the Legislature to limit total ad valorem property taxes on residential property to 1% or less of the assessed valuation. It requires the Legislature to define “residential property” and provide for the application and implementation of the initiative and permits the state to assess other real property based on acquisition value.