An Overview of Montana Taxes
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1 An Overview of Montana Taxes Professor Douglas J. Young Agricultural Economics & Economics & Extension Service, MSU November, 2007
2 Montana Income per Person 110% Percent of US Average 105% 100% 95% 90% 85% 80% 75% US Bureau of Economic Analysis
3 Income per Person $40,000 Income per Person ($2006) $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 US Average Montana $ US Bureau of Economic Analysis and Bureau of Labor Statistics
4 What is a Good Tax System? Promotes Economic Opportunity Fairly Distributes the Burden Low Administrative & Compliance Costs Provides Adequate Revenues Provides Stable Revenues
5 Are Taxes Important for Economic Growth? Yes, Taxes are One of the Factors that Influence Location Decisions Distance to Markets Availability, Wages and Skills of Labor (and Capital) Regulatory Climate Amenities Taxes are in Montana s Control
6 Total Taxes State County Municipality School District Property Taxes Income Taxes Sales Taxes Severance Taxes Mosquito Control District
7 Are Montana s Taxes High? State $/Capita Rank %Income Rank Montana $3, % 42 Idaho $3, % 31 N. Dakota $3, % 37 S. Dakota $3, % 45 Wyoming $4, % 33 U.S. Avg. $4, % Source: Tax Foundation, 2006 America Celebrates Tax Freedom Day, Table 6
8 Are Montana s Taxes High? State $/Capita Rank %Income Rank Montana $2, % 39 Idaho $2, % 37 N. Dakota $2, % 19 S. Dakota $2, % 48 Wyoming $3, % 4 U.S. Avg. $3, % Source: US Bureau of the Census (FY 2002) via FTA
9 Are Montana s Taxes High? State $/Capita Rank %Income Rank Montana $2, % 39 Idaho $3, % 27 N. Dakota $3, % 42 S. Dakota $2, % 45 Wyoming $3, % 23 U.S. Avg. $3, % Source: Tax Foundation, 2005 America Celebrates Tax Freedom Day, Table 6
10 Are Taxes Rising in Montana? Percent of Income 14% 12% 10% 8% 6% 4% 2% Taxes Fees, Misc. Federal Transfers 0%
11 Are Taxes Rising in Montana? Percent of Income 14% 12% 10% 8% 6% 4% 2% Taxes Fees, Misc. Federal Transfers 0% US Bureau of Census, Montana Taxpayers Association
12 Tax Composition 40 USA MT Percent of Total Taxes Property Sales Income Other US Bureau of the the Census, FY2002
13 Percent of Total Taxes Tax Composition 39% 40% 36% 31% 30% 18% 20% 10% 0% US Bureau of Census, FY 04 Montana US Avg 28% 25% 15% 8% Property Sales Income Other
14 Percent of Total Taxes Tax Composition 40% 37% 35% 31% 30% 20% 17% 10% 0% US Bureau of Census, FY 05 Montana US Avg 30% 26% 17% 8% Property Sales Income Other
15 Property Tax Rates - Residential State Rate Rank Montana 1.1% 34 Idaho 0.7% 44 N. Dakota 2.0% 6 S. Dakota 1.2% 22 Wyoming 0.6% 46 U.S. Average 1.3% Source: Minnesota Taxpayers Association, 50-State Property Tax Comparison Study, Payable 2006, $150,000 property in Urban (Billings) area.
16 Property Tax Rates - Residential State Percent of Value Rank Percent of Rank Income Montana 1.0% % 23 Idaho 0.9% % 28 N. Dakota 1.5% 8 2.6% 24 S. Dakota 1.4% % 22 Wyoming 0.6% % 41 US Average 1.0% 3.0% Source: Tax Foundation, from Bureau of the Census, American Community Survey (2005)
17 County Property Tax Rates - Residential Percent of Value Rank Percent of Income Rank Cascade 1.2% % 370 Flathead 0.9% % 233 Gallatin 0.8% % 278 Missoula 1.0% % 195 Yellowstone 1.1% % 336 Source: Tax Foundation, based on Bureau of the Census, American Community Survey (2005). Rank based on 775 US counties for which data are published.
18 Property Tax Rates - Residential County Percent of Value Percent of Income Cascade 1.2% 2.7% Flathead 0.9% 3.3% Gallatin 0.8% 3.1% Missoula 1.0% 3.6% Yellowstone 1.1% 2.8% Source: Tax Foundation, from Bureau of the Census, American Community Survey (2005).
19 Property Tax Classifications State Real Personal Montana 7 7 Idaho 1 1 N. Dakota 4 Exempt S. Dakota 2 Exempt Wyoming 3 1 U.S. Median 1 1 Source: ACIR, Significant Features of Fiscal Federalism, Vol 1, 1993 (Updated by author)
20 Taxable Value Rates Class Type FY1996 FY Ag Land 3.86% 3.30% 4 Resid/ Comm 3.86% 3.30% 8 Bus Equip 9.00% 3.00% 9 Utilities 12.00% 12.00% 13 Elect Generation 12.00% 6.00% Source: Montana Department of Revenue, Biennial Report and unpublished data.
21 Commercial Property Taxes $1m Real, $200k Fixtures in Urban Area State Rate Rank Montana 1.4% 35 Idaho 1.1% 46 N. Dakota 1.8% 25 S. Dakota 1.4% 32 Wyoming 0.5% 51 U.S. Average 2.0% Source: Minnesota Taxpayers Association, Payable 2006
22 Industrial Property Taxes $25m Real, $12.5m Equip, $10m Inventories, $2.5m Fixtures in Urban Area State Rate Rank Montana 1.2% 31 Idaho 0.9% 43 N. Dakota 1.1% 37 S. Dakota 0.8% 44 Wyoming 0.5% 49 U.S. Average 1.5% Source: Minnesota Taxpayers Association, Payable 2006
23 70% 60% Property Tax Base - Actual 61% 50% 47% Percent of Total 40% 30% 20% 10% 0% 1% 1% Net & Gross Proceeds 9% 8% Ag & Forest Land, Livestock Residential & Commercial 15% 8% Business Equipment 28% 22% Utilities, RRs, Airlines Biennial Reports, MDOR
24 What if the Laws Did NOT Change? Business Equipment Stay at 9% Electrical Generation/Telecomm Stay at 12% Livestock Stay at 4% Residential/Commercial Stay at 3.86% No Homestead/Commstead Exemptions Reappraisals (to 2002) Fully Implemented
25 70% 60% 2005 Property Tax Base 64% 1996 Law Actual 61% 50% Percent of Total 40% 30% 20% 10% 6% 8% 12% 8% 17% 22% 0% 0% 1% Net & Gross Proceeds Ag & Forest Land, Livestock Residential & Commercial Business Equipment Utilities, RRs, Airlines Biennial Reports, MDOR
26 Top Income Tax Rates Statutory Deduct Effective Federal? Ordinary Gains Montana 11.0% Yes 5.9% 6.9% % $10k 5.0% 4.2% Idaho 7.8% No 5.6% 5.6% N. Dakota 5.5% No 4.0% 2.6% S. Dakota No Income Tax Wyoming No Income Tax Source: Montana Department of Revenue, unpublished data. Assumes taxpayer is in the 28% Federal bracket (15% for capital gains). N Dak data for short form filers.
27 % Income, Sales, Property & Auto Taxes: Income = $150,000 State Rate Rank Montana 7.0% 39 Idaho 9.2% 22 N. Dakota 6.3% 43 S. Dakota 4.8% 46 Wyoming 3.3% 50 U.S. Average 8.3% Source: Gov t of DC, Tax Rates and Tax Burdens in the DC: A Nationwide Comparison, 2005.
28 Direct Taxes on Individuals: Income, Sales, Property & Auto Income=$25K State Rate Rank Montana 7.3% 51 Idaho 9.4% 42 N. Dakota 8.3% 50 S. Dakota 9.3% 46 Wyoming 9.3% 44 U.S. Average 11.2% Source: Gov t of DC, Tax Rates and Tax Burdens in the DC: A Nationwide Comparison, 2005
29 Direct Taxes on Individuals: Income, Sales, Property & Auto Income=$25K Income=$150K State Rate Rank Rate Rank Montana 7.3% % 39 Idaho 9.4% % 22 N. Dakota 8.3% % 43 S. Dakota 9.3% % 46 Wyoming 9.3% % 50 U.S. Average 11.2% 8.3% Source: Gov t of DC, Tax Rates and Tax Burdens in the DC: A Nationwide Comparison, 2005
30 Fundamental Tax Reform? Retain/Increase 2005 Income Tax Cut Reduce Property Taxes General S*%&! Tax
31 Sales Tax: Pro and Con Con Revenue Burden Poor? Limited Deductibility at the Federal Level Pro Revenue Export More of the Tax Burden Balanced Tax Structure
32 What Else Can Government Do? Straight-Forward Regulation Transport and Communication Infrastructure Provide High Quality Public Services in a Cost Effective Manner Avoid Discouraging the Private Sector
33 Questions? Website: Click on Papers
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