Property Taxes On The Rise In BozeAngeles And The U.S.

Property Taxes On The Rise In BozeAngeles And The U.S.

The rural piece of land in Montana that Art Mangels, a retired potato farmer, has lived in for 10 years boasts breathtaking views of snowy peaks, banks of the Big Hole River and acres of grasslands full of wildlife. But in recent months, the land has also come with a hefty property tax bill that is now 35 percent higher compared to 2022.

The spike is one of the consequences of Montana’s Wuhan coronavirus pandemic real estate boom that has transformed the city of Bozeman into what Mangels calls “Bozeangeles.”

The pandemic real estate boom is also felt in nearby Beaverhead County, where cows far outnumber people. The fallout is also threatening to cross from personal into political.

Like other longtime residents, Mangels is frustrated with Montana’s legislature and politicians. He explained that while the real estate boom has been beneficial for the BozeAngeleans, who were able to buy up “a lot of acreage, a lot of big ranches,” farmers and retired farmers like him, are “getting penalized for it.”

Mangel, who runs fishing cabin rentals, is disillusioned because farmers have contributed greatly to the economy for decades. (Related: Farmer protests erupt across Europe over GREEN POLICIES that demand the obliteration of food production.)

Four years after the pandemic, remote workers moved to cheaper housing with beautiful scenery across the Mountain West, long-time residents have paid the cost with tax hikes driven by the sudden growth in property tax values.

Even though taxes remain relatively low, the increases have been a shock to homeowners already stressed by higher grocery, gas and insurance prices. According to the Montana Free Press, some counties in the state saw median increases of up to 46 percent.

The resulting public outcry has concerned the Montana Legislature and resulted in various proposals for a complex problem. Property taxes are a major funding source for local services and serve as a crucial source of revenue due to Montana’s lack of a sales tax.

Lawmakers urged to address property tax issues

In Wyoming, the 2024 legislature passed a property tax package that included caps and an expanded rebate program. The Colorado General Assembly also recently slashed residential assessment rates as part of an 11th-hour overhaul to the property tax code. And while similar battles are happening in other areas across the country, American Mountain states may be struggling the most.

Manish Bhatt, a senior policy analyst with the nonpartisan Tax Foundation, said that lawmakers are trying to find a resolution fast.

In Bozeman, the median home price in 2023 was $900,000. The value of Mangels’s 72 acres increased to 65 percent from 2022 to 2023, based on the state appraisal. Most of the land is classified as “non-qualified agricultural,” which is subject to one of the highest tax rates.

Watch the video below to learn more about an increase in property taxes throughout the United States.

Read the original Article published by Natural News

Watch This Video About State Tax Revenue Authorities Benefitting From Raise In Property Tax Values

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