This bill revises laws concerning the administration of property exemptions in Montana by mandating the Department of Revenue to implement a review process for exempt properties. The review must occur at least once every eight years for properties requiring an application. Additionally, the department is required to report biennially to the revenue interim committee, detailing the number of properties reviewed, types of exemptions, and the estimated market and taxable values of exemptions granted and denied. The bill also grants the department the authority to adopt rules to facilitate this review process.

Furthermore, the bill requires the Department of Revenue to maintain public information regarding real property exempt from taxation. This information must include a detailed map of tax-exempt parcels organized by county and type of exemption, along with specific details about each property, such as ownership, legal description, and type of exemption. The provisions outlined in this bill are intended to be integrated into Title 15, chapter 6, part 2 of the Montana Code.