Here’s an interesting property tax case. It’s a typical real estate property tax appeal. Typical, except that the subject property is an estate built on a private island in Montana. And the values range from $9.8 million to $41.8 million to $59.5 million, depending on who you are talking to.
The property is a 24,000 square foot home with 10,000 square feet of heated porticos situated on a private 24 acre island. The island, called Shelter Island, is on Flathead Lake in Montana, and overlooks Glacier National Park. It’s owned by Don Abbey, founder of The Abbey Company, a commercial real estate group he started in 1990. The property has been written about in Forbes and The Montana Standard.
The State of Montana has valued the property at $41.8 million. According to Fox News, Don has appealed, asking the State to reduce the property to a value of $9.8 million because the house was “overbuilt”, and in Montana. Arguments are being submitted and a two-member board will decide on the value within the next couple of months.
It’s interesting to note that the property is also currently listed on “Private Islands Online” for $59,500,000. It looks beautiful and the descriptions sound amazing! Check out the link if you’re interested in a possible purchase. Who knows? You might get a bargain. Additional good news is the property tax rates are pretty low in Montana, less than 1% in this case, so your property tax liability is only $367,000 even at the assessor’s value of $41.8 million.