Senate Bill No. [insert bill number] seeks to revise property tax regulations in Montana, introducing a property tax rebate for principal residences based on taxes paid in the 2024 tax year, with a maximum rebate of $400. The bill also reduces tax rates for class three agricultural properties and modifies rates for class four residential and commercial properties. It establishes eligibility and application requirements for these rebates, outlines an appeal process for denied claims, and provides a refund mechanism for those who fail to claim the homestead reduced tax rate. Additionally, the bill includes new definitions and provisions related to property tax rebates and reduced tax rates, with the homestead reduced tax rate becoming available in tax year 2026.

The legislation amends various sections of the Montana Code Annotated (MCA) to enhance the property tax assessment and appeal process, including specific timelines for submitting objections to property valuations and the procedures for the county tax appeal board. It mandates detailed notifications from county treasurers regarding property tax assessments and introduces a process for property owners to claim refunds if they missed applying for the homestead reduced tax rate. The bill also includes provisions for statutory appropriations and retroactive applicability, aiming to improve transparency and streamline the property tax system while providing financial relief to homeowners and renters.

Statutes affected:
LC Text: 15-7-111
SB0542_1(1): 15-7-111
SB0542_1(2): 15-7-111
SB0542_1(3): 15-7-111
SB0542_1(4): 15-7-111
SB0542_1(5): 15-7-111
SB0542_1(6): 15-7-111
SB0542_1(7): 15-7-111
SB0542_1: 15-7-111
SB0542_2(1): 15-1-121, 15-6-133, 15-6-134, 15-7-102, 15-15-101, 15-15-102, 15-15-103, 15-16-101, 15-17-125, 15-30-2120, 17-7-502
SB0542_2(2): 15-1-121, 15-6-133, 15-6-134, 15-7-102, 15-15-101, 15-15-102, 15-15-103, 15-16-101, 15-17-125, 15-30-2120, 17-7-502
SB0542_2(3): 15-1-121, 15-6-133, 15-6-134, 15-7-102, 15-15-101, 15-15-102, 15-15-103, 15-16-101, 15-17-125, 15-30-2120, 17-7-502
SB0542_2: 15-1-121, 15-6-133, 15-6-134, 15-7-102, 15-15-101, 15-15-102, 15-15-103, 15-16-101, 15-17-125, 15-30-2120, 17-7-502