This bill aims to revise the existing forest taxation laws by making several key changes to the classification and valuation of forest property. It introduces a new reappraisal cycle for Class Ten forest property and updates the tax rates applicable to forest properties. Additionally, the bill mandates that the Department of Revenue is responsible for valuing forest property, ensuring a more standardized approach to property assessment.

Furthermore, the bill modifies the method used for averaging stumpage values, which is crucial for determining the taxable value of timber. It amends several sections of the Montana Code Annotated (MCA), specifically sections 15-6-143, 15-7-102, 15-7-111, 15-7-112, and 15-44-103, to incorporate these changes. The bill also includes provisions for effective dates and a retroactive applicability date, ensuring that the new regulations can be implemented promptly and effectively.

Statutes affected:
SB0003_1.pdf: 15-6-143, 15-7-102, 15-7-111, 15-7-112, 15-44-103
Introduced: 15-6-143, 15-7-102, 15-7-111, 15-7-112, 15-44-103