House Bill No. introduced by E. Byrne and others aims to revise property tax rates for Class Three agricultural property and Class Four residential and commercial property in Montana. The bill proposes to reduce the tax rate for Class Three property from 2.16% to 1.7% and for Class Four residential property from 1.35% to 0.76%. Additionally, it establishes that the tax rate for commercial property will also be set at 1.35%. Importantly, the bill includes provisions to ensure that these rate reductions do not decrease school equalization or university revenue by more than $50 million in 2025.

The bill amends several sections of the Montana Code Annotated (MCA), specifically sections 15-6-133, 15-6-134, 15-10-109, and 15-10-420, while providing an immediate effective date and retroactive applicability to tax years beginning after December 31, 2024. The amendments include adjustments to the calculation of mill levies for the university system and the procedures for calculating levies, ensuring that the revenue impacts are managed within the specified limits. Overall, the bill seeks to provide tax relief while safeguarding essential funding for education.

Statutes affected:
LC Text: 15-6-133, 15-6-134
HB0528_1(1): 15-6-133, 15-6-134
HB0528_1(2): 15-6-133, 15-6-134
HB0528_1(3): 15-6-133, 15-6-134
HB0528_1(4): 15-6-133, 15-6-134
HB0528_1(5): 15-6-133, 15-6-134
HB0528_1(6): 15-6-133, 15-6-134
HB0528_1: 15-6-133, 15-6-134
HB0528_2(1): 15-6-133, 15-6-134, 15-10-109, 15-10-420
HB0528_2(10): 15-6-133, 15-6-134
HB0528_2(11): 15-6-133, 15-6-134
HB0528_2(2): 15-6-133, 15-6-134, 15-10-109, 15-10-420
HB0528_2(3): 15-6-133, 15-6-134, 15-10-420
HB0528_2(4): 15-6-133, 15-6-134
HB0528_2(5): 15-6-133, 15-6-134
HB0528_2(6): 15-6-133, 15-6-134
HB0528_2(7): 15-6-133, 15-6-134
HB0528_2(8): 15-6-133, 15-6-134
HB0528_2(9): 15-6-133, 15-6-134
HB0528_2: 15-6-133, 15-6-134, 15-10-109, 15-10-420