Property Valuation
In Montana, the 'Assessor's classification' for residential property (Class 4) affects property taxes because:
AClass 4 properties are assessed at 100% of market value
BDifferent property classes have different assessment rates applied to market value to determine taxable value, affecting the property tax bill✓ Correct
COnly agricultural properties (Class 3) can be reclassified
DThe classification determines the mill levy rate only
Explanation
Montana classifies properties into different classes (Class 3 for agricultural, Class 4 for residential, etc.) with different assessment rates. The applicable assessment rate is applied to the property's market value to determine the taxable value for property tax calculation.
Related Montana Property Valuation Questions
- Montana property taxes are calculated by multiplying the taxable (assessed) value by:
- In Montana, when an appraiser finds that a property's actual rent is below market rent, this may be called a:
- In the sales comparison approach, a Montana appraiser finds that the subject property lacks a garage that all comparable sales have. If comparable garages contribute $15,000 to value, the appraiser should make:
- A Montana appraiser determines that a property's highest and best use as vacant would be commercial development, but the existing use is single-family residential. This is an example of:
- In Montana, the gross building area (GBA) of a commercial property includes:
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- A Montana appraiser inspecting a residential property notes a 'non-permitted addition.' In the appraisal report, the appraiser should:
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