House Bill No. [insert bill number] seeks to amend Montana's property tax laws by lowering tax rates for specific property classes, particularly Class Three agricultural properties and Class Four residential and commercial properties. The bill proposes to reduce the tax rate for Class Three agricultural properties from 2.16% to 2.05%, while establishing a new tax rate of 1.11% of market value for Class Four residential properties, replacing a graduated rate that could reach up to 2%. Additionally, it introduces a homestead exemption for the first $50,000 of market value for qualifying Class Four residential properties, exempting them from taxation. The legislation also details eligibility and application requirements for the homestead exemption, including an appeal process and definitions related to the exemption. Property owners who received a property tax rebate in 2023 or 2024 will automatically qualify for the exemption in 2025 and beyond, while others can apply starting in 2026. The bill includes penalties for false or fraudulent applications and mandates that the Department of Revenue issue revised assessments for such cases. It outlines an appeal process for property owners dissatisfied with the Department's decisions, allowing appeals to the County Tax Appeal Board and subsequently to the Montana Tax Appeal Board. Furthermore, it amends the taxable percentage for Class Ten property, increasing the tax rate from 0.29% to 0.36% of its forest productivity value for years after 2024, and specifies that the new provisions will be codified in Title 15, Chapter 6, taking effect upon passage and approval with retroactive applicability to property tax years beginning after December 31, 2024.

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