The proposed bill, titled the "Senior Care Facilities and Housing Development Exemption Act," aims to address the shortage of affordable senior care and housing facilities in Montana by providing a temporary property tax exemption for development projects that cater to seniors. The bill outlines a process for tax-exempt organizations to petition local governments for approval of property tax exemptions related to senior care and housing development projects. If approved, these projects can receive a temporary exemption from property taxes for a period of up to five years, with the possibility of a renewal for an additional five years, provided they meet certain conditions. The bill also establishes definitions for key terms, such as "senior care facilities," "property owner-operator," and "tax-exempt senior care and housing sponsor."

Additionally, the bill amends existing law by modifying Section 15-10-305 of the Montana Code Annotated to include provisions regarding the property tax exemption for senior care and housing development projects. It specifies that the exemption applies to all real property owned by the tax-exempt sponsor within the development project and outlines the conditions under which the exemption may be terminated. The bill also grants rulemaking authority to the Department of Revenue to implement its provisions and requires annual reporting by the tax-exempt sponsors to local governments. The act is set to apply to property tax years beginning after December 31, 2025.

Statutes affected:
LC Text: 15-10-305