ontana

Equal Eyes Committee Chair

This is big sky country. From the vast prairie lands on the eastern side to the mountainous peaks rising high in the sky along the western edge, Montana has an abundantly rich history and some of the most beautiful sights in the United States.

Introduction

This is big sky country, from the vast prairie lands on the eastern side to the mountainous peaks rising high in the sky along the western edge, Montana has a abundantly rich history and some of the most beautiful sights in the United States.

Population

Montana’s population is on the rise, in the last year nearly 17,000 people moved into the state. Recent census data puts the state’s population at 1.13 million people, ranking it the 43th in population, and approximately 7.09 people per sq. mile.

Geography

Montana is the fourth largest state, with 56 counties and 360 cities, spanning across the 147,040 square miles of the state. From east to west, the width is 630 miles, and 255 miles from north to south. Rising to a height of 12,807 feet, is Granite Peak, which is Montana’s highest point. The Kootenai River at the Idaho border is the lowest point, but still well above sea level at 1,804 feet.

Economy

Tourism is an important part of Montana’s overall economy, over 12 million visitors a year frequent popular attractions like Yellowstone National Park, Glacier National Park, the Battle of Little Bighorn, and many other attractions. Microbrewing has exploded in popularity and is considered too be one of the top craft brewery producers per capita in the nation. Traditional industries such as lumber, gold, silver, coal, and talc are all critical sources of income for the state.

Agriculture

As of the 2022 Agricultural Census, Montana number 1 industry is agriculture. With 58.1 million acres of land in production the industry has reached upwards of $4.72 billion and is tracking for further growth. Land owners occupy 27,100 farms and ranches throughout the state, many with large tracts of land. Currently, the average size farm or ranch is around 2,137 acres. Pasture and range land accounts for 66.2 % of farmland use, cropland utilizes 28.2%, and woodland/homesteads covers the remainder. Montana ranks number one in organic wheat production.

Real estate

The current median home value for a home in Montana is $448,875, which is up 25.6% over last year’s market. Throughout the last ten years the real estate in Montana has appreciated over the 120.%. The median home value ten years ago in Montana was about $205,000. However, the market has seen a slight downward turn in recent months with a hike in interest rates. The average rent for all bedrooms and all property types in Montana is around $2,100. This is an increase by $250 compared to the previous year. Check out these short market related videos.

Home Tour: https://youtu.be/W8jAx-JRxx8 5-minute market recap: https://youtu.be/craAiejq6O0

Demographics

Montana’s state capitol is Helena, and it officially became a state in 1889. Montana has had a moderate population growth of 0.79%, which is about middle-of-the-road for the United States. Montana’s population is anticipated to grow 14% over the next 30 years, pushing upwards of 1.16 million by 2030. Also, by 2030, it is estimated that Montana will only be one of six states to have 25% of its population older than the age of 65. According to the most recent ACS, the racial composition of Montana is:

White: 87.80%

Native American: 6.17%

Two or more races: 3.83%

Asian: 0.82%

Other race: 0.77%

Property Tax

The property tax rate in Montana currently sits at 0.83% and is based off the assessed value or the property. Elderly and veterans also receive property tax relief through exemption programs offered by the state.

Income Tax

Montana Tax Brackets for Tax Year 2022

As you can see your income in Montana is taxed at different rates within the given tax brackets. Any income over $19,800 would be taxes at the highest rate of 6.90%.

Capital Gains

Montana Capital Gains Tax starts at 6.9%, however the state offers a capital gain tax credit to offset the cost. The credit is equal to 2% of all net capital gains listed on your Montana income tax return. In effect, that lowers the top capital gains tax rate in Montana from 6.9 % to 4.9%.

Corporate Tax

Corporate tax rates for business operated in Montana are flat rated at 6.75%.

Sales Tax

No applicable sales tax applied by the state.

Employment

As of October, 16, 894 people were unemployed which put Montana’s unemployment rate at 3%, this was slightly less than the national average at 3.7%. Due to Covid, in April of 2020, unemployment peaked at 65,509 people. Currently, almost 400,000 people work throughout the state at 39,000 different employers. According to the ACS1 Census survey for 2021, the median household income was $63,241.

Tourism

Montana offers many year-round vacation destinations such as skiing, ice fishing, snowmobiling, hiking, sightseeing, etc. The tourism industry directly supports 38,890 jobs in Montana and an additional 14,000 jobs are indirectly supported. This means one in nine Montana jobs rely on the tourism industry. Tourism is one of the main economic stimulates for the state’s economy and is crucial for the small businesses in the state. Last year tourist from all around the world spent almost $4 billion, this economic boost helps offset taxes, and other cost incurred by the state.

mortgage rates, has been keeping records since 1971.

Between April 1971 and December 2022, 30-year fixed rate mortgages averaged 7.76%. The current average 30-year mortgage rate for the week of December 1, 2022 is at 6.49%.