REMINDER: Multimillionaire Tim Sheehy “Saved Big” On Luxury Vacation Property Taxes
FOR IMMEDIATE RELEASE
Wednesday, July 3, 2024
CONTACT
rehm@mtdems.org
Sheehy used his business associate to lower his property taxes on his Big Sky vacation mansion, reducing its value by $2 million
Helena, MT – Multimillionaire out-of-stater Tim Sheehy used his business associate to lower his property taxes – saving himself tens of thousands of dollars as Montana families saw their property taxes skyrocket.
Last year, Sheehy – with the help of one his company’s CFO – filed a “successful appeal of the valuation of his multimillion-dollar vacation property in Big Sky, saving tens of thousands of dollars.”
This appeal reduced his Big Sky vacation mansion’s value by $2 million – from $7.7 million down to $5.5 million. Sheehy rents his luxury vacation property for “an average of $1,400 a night.”
Read more below.
The Montana Independent: Republican Senate candidate Tim Sheehy saved big on property tax
June 26, 2024
Josh Israel
But while many Montanans are struggling to pay soaring property taxes, Sheehy filed a successful appeal of the valuation of his multimillion-dollar vacation property in Big Sky, saving tens of thousands of dollars.
According to a June 2023 HuffPost report, the 3,200-square-foot resort property is available to rent for an average of $1,400 a night.
Public records reviewed by the Montana Independent indicate that the Montana Department of Revenue appraised the property as worth $7,696,200 as of January 2022. In July 2023, Sheehy and his business associate John Saunders filed an appeal, claiming that based on comparable property sales and listings, it was only worth $6,000,000.
The agency responded by lowering the valuation to $5,734,600, saving him tens of thousands of dollars in annual property taxes.
The revaluation comes as ordinary Montanans are seeing significantly higher property tax obligations, spurred by wealthy individuals buying up Montana land and inflating property values.
The Republican-led Legislature and Gov. Greg Gianforte have failed to provide relief for those forced to pay rising property taxes. Gianforte’s own tax bill actually dropped by $600 while his neighbors saw increases of up to 60%, the Montana Independent previously reported.
Sheehy has pushed for economic policies that would benefit the richest Montanans and do little to help working families. In February, he told the right-wing Breitbart News Saturday, “What we’ve got to do is lock down major majorities so we can make sure … the Trump tax cuts stay in place.”
The Tax Cuts and Jobs Act of 2017 slashed tax rates for millionaires like Sheehy while providing minimal savings or even tax hikes for working families. A recent analysis by the nonpartisan Congressional Budget Office predicted that making its expiring individual tax rate provisions permanent would add $4.6 trillion to the national debt over 10 years.
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