House Bill No. introduced by G. Oblander and others proposes a property tax exemption for certain residential properties occupied by owners aged 67 years or older, provided they have owned the property for at least five years. The exemption applies to class four residential properties that serve as the owner's primary residence. The exemption amount is determined by the increase in market value from a base year, but it will terminate if the property is sold or if significant remodeling or reclassification occurs. The bill outlines the application process, which must be completed by March 1 of the tax year, and includes provisions for maintaining eligibility in subsequent years.

Additionally, the bill defines key terms such as "base year," "primary residence," and "single-family dwelling," and establishes requirements for the application form, including an affirmation of ownership and maintenance of the property. The Department of Revenue is granted the authority to investigate applications and verify the primary residence status. The provisions of this act are set to take effect for property tax years beginning after December 31, 2025, and are intended to be codified as part of Title 15, chapter 6, part 2 of the Montana Code.