As inflation and the cost of living keep soaring, citizens are having difficulty adjusting. Some people have relocated to environments they think are cheaper, and others have moved to smaller apartments. However, a Montana man has taken a different approach.
In a video he made, a senior citizen from Montana gave a few words regarding the ever-increasing property taxes in the state. Ryan Busse posted the video on TikTok.Ryan Busse is the democratic candidate for the state governorship election in the coming 2024 elections.
The man, simply identifying himself as Kurt, is a 68-year-old Montanan citizen. Kurt started the video by saying he was on social security and he was working all just so he could pay his taxes. Kurt goes on to claim that his annual property tax has gone from $895 to a staggering $8000, a 790% increase. He describes the taxes as rent, even though he owns the property.
He stated that they should temporarily prohibit the amount payable as taxes. Additionally, he said that he has had to continue working despite reaching retirement age, just to cover the tax.
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His reason was that he didn’t want to have to go into his account just to cover the expenses. The Elderly Homeowner/Renter Tax benefit is available in the state, with the maximum benefit being $1,150.
Kurt is one of several thousand individuals recovering from the sudden tax increase by the state. He lamented that the increase has become unbearable. Kurt said that despite the environment being a wonderful one, the people in charge are trying to make it unaffordable.
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As property taxes keep increasing, we take into consideration why the increase keeps occurring. Firstly, property tax is based on the value of the property. Sothere is high chance that the increase will continue, as the value goes up so does the tax bill.
In 1995, Kurt purchased his property 29 years ago, (as stated in his video). Since it was purchased almost 3 decades ago, the property has increased in value. Kurt did not disclose where the property is located.
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Secondly, during the COVID-19 lockdown, there was an influx of people in the state. Consequently, the was a significant increase in demand of homes, a demand that outpaced supply. As result, the was a hike in property values which in correspondings to the hike in property taxes. This is back by Kurt’s statement about the increase coming in the last few years.
Rather than continuing to work well into his retirement years. Kurt may relocate to a smaller place with a more manageable tax burden after selling the family house and receiving his capital gains. But he is too attached to the house to give that any thought.
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