The bill establishes a new requirement for the Department of Revenue to notify counties when there is a significant decrease in the market value of property, specifically when the decrease exceeds $1.5 million since the last reappraisal. The notification must be sent electronically and include details such as the market value from the previous reappraisal cycle and the new preliminary market value. Additionally, the department is required to meet with the county upon request and provide any public information used to determine the preliminary market value. Notably, this requirement does not apply to class four residential properties.

Furthermore, the bill includes provisions for codification, indicating that the new section will be integrated into Title 15, chapter 7, part 1 of the Montana Code Annotated. The applicability of this act is set to begin for property tax years starting on or after January 1, 2026.