This bill proposes revisions to property tax rates for Class Three Agricultural Property and Class Four Residential and Commercial Property in Montana. Specifically, it amends Section 15-6-133 to reduce the taxable percentage for Class Three property from 2.16% to 1.7% of its productive capacity value. Additionally, it modifies Section 15-6-134, lowering the tax rate for Class Four residential property from 1.35% to 0.76% of market value, while also establishing a new tax rate of 1.35% for commercial property. The bill clarifies the classification and appraisal process for properties that include both residential and commercial uses.

The bill includes provisions for an immediate effective date upon passage and approval, as well as retroactive applicability to tax years beginning after December 31, 2024, and to the reappraisal cycle starting January 1, 2025. This means that the new tax rates will be applied retroactively, impacting property tax assessments for the specified periods.

Statutes affected:
LC Text: 15-6-133, 15-6-134