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, subject to an exemption that equals 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 the exemption, and 15-7-206, which clarifies that land under agricultural improvements will be included in the total area of land actively devoted to agricultural use.

Additionally, the bill amends the exemption criteria for land adjacent to transmission line right-of-way easements and introduces new application requirements for property owners seeking exemptions. It also establishes a delayed effective date of January 1, 2027, with applicability to property tax years beginning after December 31, 2026. The revisions aim to provide clearer guidelines for property valuation and taxation, particularly for homesites on agricultural land, while ensuring that property owners are aware of the necessary steps to apply for exemptions.

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