Foreign Property News | Posted by Aye Myat Thu
A senior from Montana has delivered a viral speech about the sorry state of property taxes in the Treasure State.
“I’m on Social Security, I’m 68-years-old and working just to pay my taxes,” says Kurt, in a clip shared on TikTok by Ryan Busse, who is running to be the next governor of Montana.
Kurt claims that over the last couple of years, his annual property taxes have soared from $895 to almost $8,000 — an increase of around 790% — which he says is like paying almost “$700 a month rent to the state to live in our own house.”
The state has an Elderly Homeowner/Renter Tax Credit, and the maximum credit is $1,150.
“There needs to be a moratorium on what we have to pay,” he says, adding that he’s had to continue working into what should be his retirement golden years to cover his mounting property costs. “I’m stubborn enough [that] I don’t want to dig into my bank account to pay them.”
“There needs to be a moratorium on what we have to pay,” he says, adding that he’s had to continue working into what should be his retirement golden years to cover his mounting property costs. “I’m stubborn enough [that] I don’t want to dig into my bank account to pay them.”
Kurt is one of thousands of Montana homeowners suffering sticker shock over recent property tax hikes.
He says: “We just can’t take this anymore. This was a great place and it still is, but the people that made it great can’t afford to live here anymore.”
There are many reasons why property taxes may increase over time.
First and foremost, property tax is typically based on a percentage of a home’s assessed value — so if your value goes up, it’s likely that your tax bill will too.
In Kurt’s case, he claims to have bought his property in 1995. In the 29 years since then, the family home (he does not share where in Montana the property is located) has undoubtedly increased in value.
The average house price at the end of 1995 was around $103,860 and by the end of 2023 it had soared around 272% to more than $387,000.
Ref: ‘We just can’t take this anymore’: Montana man, 68, begs for ‘moratorium on property taxes’ after his bill reaches $8K a year just ‘to live in our own house’ (moneywise)
