Your Montana Home Is Now Worth Twice As Much From 4 Years Ago

Montana Home Values More Than Doubled In Just Four Years

As new property valuations are mailed to Montana residents, the Montana Department of Revenue reports that home values in the state have nearly doubled compared to four years ago.

How Property Valuations Work In Montana

As many of you may know, the state of Montana conducts property valuations every two years to determine the amount of property taxes you owe.

They are a bit delayed, as the current valuations that you should have already received or will be receiving in the mail are current as of Jan 1st, 2024.

Pandemic Housing Boom Still Impacting Property Values

Back in 2020, the pandemic exploded the housing market in Montana as we saw a huge influx of new residents and homes being bought FAR over asking price; in turn, that drove up everyone's property value.

The Montana Department of Revenue estimates that a typical median residential property in 2020 was worth $228,000; today that property is worth $378,000, for an increase of 66% over the past 4 years, according to the Montana Free Press.

Bozeman Leads The Way With Soaring Home Prices

While an increase in property value can be beneficial if you're planning to sell, it can pose challenges for those on a fixed income.

Currently Bozeman and Gallatin County have the highest property values, with the median home value at $685,000, which is a 77% increase over that same 4-year period.

New Legislation Could Offer Some Tax Relief

Thankfully we might see some property tax relief due to a recently passed bill in the legislature, which will shift some of the higher taxes to people with second homes in the Treasure State.