Senate Bill No. [insert bill number] aims to revise the taxation of homesites on certain agricultural properties in Montana. The bill stipulates that a 1-acre homesite on agricultural land will be valued at market value, but with an exemption equal to the statewide average value of a 1-acre homesite on agricultural property. This change is reflected in the amendments to several sections of the Montana Code Annotated (MCA), including 15-6-134, which now specifies that the 1-acre homesite must be valued at market value subject to this exemption. Additionally, the bill clarifies the classification of land under agricultural improvements and modifies the language regarding exemptions for land adjacent to transmission line right-of-way easements.

The bill also introduces a delayed effective date, stating that it will take effect on January 1, 2027, and will apply to property tax years beginning after December 31, 2026. Other amendments include changes to the application process for exemptions related to transmission lines and the definition of agricultural land, ensuring that properties are classified and taxed appropriately based on their use. Overall, the bill seeks to provide clearer guidelines for the valuation and taxation of agricultural properties while offering financial relief through exemptions for homeowners on agricultural land.

Statutes affected:
LC Text: 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1(1): 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1(2): 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1(3): 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1(4): 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1: 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206