Taxes on $59 Million Montana Island Estate Protested
A real estate investor wants the state of Montana to lower his property taxes by reducing the assessed value of his Flathead Lake island home from $41.8 million to $9.8 million.
Lee Newspapers of Montana reports the Tax Appeal Board heard arguments last week in the appeal filed by Don Abbey of La Mirada, California.
Abbey built the 24,000-square-foot home on Shelter Island in 2011. The home, guest house and boat house on 24 acres are listed for sale at $59.5 million.
The state says the buildings are worth $41.8 million, putting the property taxes at $367,700.
An appraiser hired by Abbey says the buildings should be valued at $9.8 million. The appraiser says the house was built in a way that might not add value from a buyer's standpoint.