The proposed bill aims to revise property tax assistance laws in Montana, specifically introducing a "Golden Years Property Tax Assistance Program" designed to help qualifying seniors maintain their primary residences without facing increases in appraised property values. Under this program, eligible seniors will have their property appraised at a fixed value, with any remaining value exempt from ad valorem property taxes. The bill outlines specific criteria for eligibility, including age requirements and conditions under which a new base year appraised value may be established, such as significant improvements to the property.

Additionally, the bill amends existing definitions and provisions related to property tax assistance, including changes to the definitions of "primary residence" and "qualifying senior." It clarifies that there is no qualifying income threshold for the new assistance program, and it establishes rules for the verification of eligibility. The bill also includes a transition provision for seniors who would have qualified for assistance had the new law been in place earlier, ensuring they can benefit from the revised appraised value calculations. The act is set to apply to tax years beginning after December 31, 2023.

Statutes affected:
Introduced: 15-6-301, 15-6-302, 15-6-312