Senate Bill No. [number], introduced by B. Beard at the request of the Revenue Interim Committee, aims to revise the taxation of homesites on certain agricultural properties. The bill stipulates that a 1-acre homesite on agricultural land will be valued at market value, with an exemption equal to the statewide average value of a 1-acre homesite on agricultural property. The bill amends several sections of the Montana Code Annotated (MCA), including 15-6-134, 15-6-229, 15-6-240, 15-7-202, and 15-7-206, to reflect these changes. Notably, it replaces the previous requirement that the 1-acre homesite must be valued at market value with a new provision that allows for an exemption based on the statewide average value.

Additionally, the bill clarifies the eligibility criteria for land to be classified as agricultural and outlines the application process for property tax exemptions related to transmission line right-of-way easements. It also introduces a delayed effective date of January 1, 2027, and specifies that the act will apply to property tax years beginning after December 31, 2026. The revisions aim to provide clearer guidelines for property owners regarding the valuation and taxation of agricultural land and homesites, ensuring that they are assessed fairly while also promoting agricultural use.

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: 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206