House Bill No. [insert bill number] proposes significant changes to property tax laws in Montana, focusing on reducing tax rates for agricultural, residential, and commercial properties. Specifically, the bill aims to reduce the tax rate for Class Three agricultural properties from 2.16% to 2.05%, and for Class Four residential properties, it seeks to reduce the tax rate from 1.35% to 1.11% of market value. Additionally, it introduces a homestead exemption for the first $50,000 of market value for Class Four residential properties, along with reducing Class Ten forest land property tax rates and establishing eligibility and application requirements for the homestead exemption. The bill also outlines an appeal process and provides definitions relevant to the new provisions, including the "homestead exemption." It details the application process for the exemption, allowing certain homeowners to automatically qualify based on previous property tax rebates, and establishes penalties for false or fraudulent applications. Furthermore, the Department is granted rulemaking authority to implement these new provisions, and the bill includes a retroactive applicability clause for property tax years beginning after December 31, 2024. Overall, the legislation aims to provide tax relief to property owners while ensuring a structured approach to property tax assessments and exemptions.

Statutes affected:
LC Text: 15-6-134
HB0155_1(1): 15-6-134
HB0155_1(10): 15-6-134
HB0155_1(11): 15-6-134
HB0155_1(12): 15-6-134
HB0155_1(13): 15-6-134
HB0155_1(14): 15-6-134
HB0155_1(2): 15-6-134
HB0155_1(3): 15-6-134
HB0155_1(4): 15-6-134
HB0155_1(5): 15-6-134
HB0155_1(6): 15-6-134
HB0155_1(7): 15-6-134
HB0155_1(8): 15-6-134
HB0155_1(9): 15-6-134
HB0155_1: 15-6-134
HB0155_2(1): 15-6-134
HB0155_2(10): 15-6-134
HB0155_2(11): 15-6-134
HB0155_2(12): 15-6-134
HB0155_2(13): 15-6-134
HB0155_2(2): 15-6-134
HB0155_2(3): 15-6-134
HB0155_2(4): 15-6-134
HB0155_2(5): 15-6-134
HB0155_2(6): 15-6-134
HB0155_2(7): 15-6-134
HB0155_2(8): 15-6-134
HB0155_2(9): 15-6-134
HB0155_2: 15-6-134
HB0155_3(1): 15-6-134
HB0155_3(10): 15-6-134
HB0155_3(11): 15-6-134
HB0155_3(12): 15-6-134
HB0155_3(2): 15-6-134
HB0155_3(3): 15-6-134
HB0155_3(4): 15-6-134
HB0155_3(5): 15-6-134
HB0155_3(6): 15-6-134
HB0155_3(7): 15-6-134
HB0155_3(8): 15-6-134
HB0155_3(9): 15-6-134
HB0155_3: 15-6-134
HB0155_4(1): 15-6-134
HB0155_4(2): 15-6-134
HB0155_4(3): 15-6-134
HB0155_4(4): 15-6-134
HB0155_4: 15-6-134