House Bill No. [insert bill number] proposes revisions to property tax rates, specifically targeting Class Three agricultural property and Class Four residential and commercial property. The bill reduces the tax rate for Class Three property from 2.16% to 1.7% of its productive capacity value and for Class Four residential property from 1.35% to 0.76% of market value. Additionally, the tax rate for commercial property is also adjusted to 1.35%. Importantly, the bill includes provisions that ensure 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), including 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 also clarify the calculation of mill levies for the university system and establish guidelines for governmental entities regarding property tax assessments and newly taxable properties. Overall, the bill aims to provide tax relief while maintaining essential funding for education and university systems.

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(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