Monday, October 02, 2023

City’s valuation skyrockets along with housing market

Editor | September 13, 2023 2:00 AM

Columbia Falls city valuation shot up 46.6% in 2023, city manager Susan Nicosia told council last week.

The valuation mirrors what home and property owners have been seeing in the Flathead since the revaluation.

The city’s residential taxable value went up $4.66 million, while just $81,494 was newly taxable value.

The bulk of the city’s tax base is now residential properties, at 77.3%.

Commercial is 22% and industry just 0.1%

Business equipment is $428,483, or about 2.88% of the total.

Some taxable values actually went down.

The railroad’s value went from $241,228 a year ago to $229,874 in 2021.

The city’s total taxable value is now $14.88 million. In 2010, is was a shade over $6 million.

It is important to note that taxable value is not market value.

The council approved the final ’23-24 budget with about $100,000 in adjustments that did not impact the final mill levy of just over 90 mills.

The council also approved a 2 mill emergency levy. The funds will be used in the event of an emergency, such as a flood or other natural disaster. It doesn’t amount to much annually — about $24,000.

The city’s 3% resort tax had a huge impact on this year’s budget. Not only did it bring in $1.5 million, it financed the bulk of the fire department and the city was able to add a police officer, plus cut taxes by 90 mills.

The city also comes away from this budget with far less debt, as it has paid many of its debts early.

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