HELENA – The Department of Revenue says it is closely watching the housing market to make sure values aren’t dropping as it finishes its statewide reappraisal.
Director Dan Bucks says the agency has extended its analysis of home values to include this spring’s real estate season. He says so far the agency has found no evidence prices are dropping on a widespread basis.
The new property values set by the agency will be used to set taxable values.
Bucks says the agency wants to make sure that people don’t unfairly get hit with valuations higher than the actual value of their homes.
Gov. Brian Schweitzer has promised there will be no statewide increase in property taxes as a result of the reappraisal. The details of that plan have not been released.