Property tax PDF
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Montana. Dept. of 336.22 Revenue E*pt Property tax 1991 m s 336.22 MontanaSlateLibrary E4pt 1991 lllllllllllllllllllllll I 3 0864 1004 6926 4 Property Tax STATE DnrilMENTS COLLECTION APR 8 1991 MONTANA STATE LIBRARY £ 1515 6th AVE. HELENA, MONTANA §9620 Montana Department of Revenue nr Dm r H % .1 •1 v\ 'i \ '• .. JOINT MEETING OF THE LEGISLATIVE TAXATION COMMITTEES January 10, 1991 Property Assessment Topics 1 Introduction 2. Definition of Terms 3. Property Assessment/Taxation 4. Reappraisal Cycles 5. Reappraisal Progress 6. Sales Assessment Ratio Studies * Supreme Court Decision * Additional Litigation * Maps on Return to Base Year * HB-703 * Coefficient of Dispersion 7. Market Model 8. Property Tax Classification Reform 9. Beneficial Use Litigation 10. Taxable valuations by property class by county, municipality and school district 11 Furniture and Fixtures Exemption 12. Impact of HB-20 (personal property rate reduction) 13. 1990 Sales Assessment Ratio Study Report $20,000 = MARKET VALUE $20,000 X 3.86% = $772 MARKET VALUE X TAX RATE = TAXABLE VALUE "f^p^np Residential and Commerical Real Property Tax Definitions APPRAISED/ASSESSED A value determined by the Dept. VALUE of Revenue for use in computing local government taxes. Under 15-8-111, MCA, (except for a few noted exceptions) all taxable property must be assessed at 100% of its market value. MARKET VALUE The value at which property would change hands between a willing buyer and a willing seller. TAXABLE VALUE 3.86 percentage of assessed value MILL A tenth of a cent. Mills are applied to taxable value to determine taxes owed. One mill applied to $1,000 of taxable value produces $1 in tax. («
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