Senate Bill 542 proposes comprehensive changes to property tax laws in Montana, primarily aimed at providing a property tax rebate for principal residences based on taxes paid in the tax year 2024. The bill introduces a rebate of up to $400 or the total property taxes paid, whichever is less, and establishes eligibility criteria for homeowners. It also reduces tax rates for class three agricultural properties and revises tax rates for class four residential and commercial properties, including lower rates for certain owner-occupied residential properties and long-term rentals. Additionally, the bill outlines an appeal process for denied claims and a refund mechanism for those who fail to claim the homestead reduced tax rate.

The legislation amends various sections of the Montana Code Annotated (MCA) to implement these changes, including freezing property values for tax purposes at the 2024 level for the years 2025 and 2026, unless property values decrease. It establishes specific application requirements for tax rate reductions, penalties for false claims, and a reimbursement mechanism for local governments affected by tax rate reductions. The bill also enhances the notification process regarding property tax assessments and modifies procedures for the county tax appeal board. Overall, the bill aims to provide tax relief to residential property owners while maintaining local government revenue sources.

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(4): 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(5): 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(6): 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(7): 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(8): 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(9): 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
SB0542_3(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_3(10): 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_3(11): 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_3(12): 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_3(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_3(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_3(4): 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_3(5): 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_3(6): 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_3(7): 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_3(8): 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_3(9): 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_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_X(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_X(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_X(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_X(4): 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_X(5): 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_X(6): 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_X(7): 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_X(8): 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_X: 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