House Bill No. introduced by a group of legislators aims to revise the appraisal of property for tax purposes by implementing an average value approach. The bill amends Section 15-8-111 of the Montana Code Annotated (MCA) to establish that all taxable property must be appraised at 100% of its market value, with specific provisions for agricultural implements and machinery, as well as residential and commercial properties. Notably, the bill introduces a new requirement that newly constructed, remodeled, or reclassified properties must be assessed at 100% of their market value for the first year after such changes, and subsequently at the average value for the number of years since the change until the tenth year.

Additionally, the bill amends Section 15-23-205, which pertains to the assessment of railroad transportation properties, to align with the new appraisal standards. The applicability of this act is set to begin with the reappraisal cycle starting January 1, 2027. The revisions aim to create a more standardized and equitable approach to property valuation for tax purposes, ensuring that assessments reflect current market conditions while also providing specific guidelines for various property types.

Statutes affected:
LC Text: 15-8-111, 15-23-205
HB0894_1(1): 15-8-111, 15-23-205
HB0894_1(10): 15-8-111, 15-23-205
HB0894_1(11): 15-8-111, 15-23-205
HB0894_1(12): 15-8-111, 15-23-205
HB0894_1(2): 15-8-111, 15-23-205
HB0894_1(3): 15-8-111, 15-23-205
HB0894_1(4): 15-8-111, 15-23-205
HB0894_1(5): 15-8-111, 15-23-205
HB0894_1(6): 15-8-111, 15-23-205
HB0894_1(7): 15-8-111, 15-23-205
HB0894_1(8): 15-8-111, 15-23-205
HB0894_1(9): 15-8-111, 15-23-205
HB0894_1: 15-8-111, 15-23-205
HB0894_2(1): 15-8-111, 15-23-205
HB0894_2(10): 15-8-111, 15-23-205
HB0894_2(2): 15-8-111, 15-23-205
HB0894_2(3): 15-8-111, 15-23-205
HB0894_2(4): 15-8-111, 15-23-205
HB0894_2(5): 15-8-111, 15-23-205
HB0894_2(6): 15-8-111, 15-23-205
HB0894_2(7): 15-8-111, 15-23-205
HB0894_2(8): 15-8-111, 15-23-205
HB0894_2(9): 15-8-111, 15-23-205
HB0894_2: 15-8-111, 15-23-205