Senate Bill No. introduced by M. Regier aims to revise property tax laws in Montana by amending Section 15-10-420 of the Montana Code Annotated (MCA). The bill specifies that the authority to carry forward mills does not apply to certain state mills imposed under sections 20-9-331, 20-9-333, 20-9-360, or 20-25-439. It introduces a new provision that allows governmental entities to carry forward the authority to impose mills only if they have not reached the maximum number of mills authorized. Additionally, the bill clarifies the definition of newly taxable property and outlines the procedures for calculating levies, including the treatment of tax increment financing districts.

The bill also includes a transition provision stating that carry forward mills calculated and imposed for the specified sections prior to January 1, 2025, cannot be applied to tax years beginning after December 31, 2024. Furthermore, it establishes an immediate effective date upon passage and approval, along with a retroactive applicability clause for property tax years starting after December 31, 2024. This legislative change aims to streamline property tax calculations and clarify the limitations on carry forward mills for certain state mills.

Statutes affected:
LC Text: 15-10-420
SB0351_1(1): 15-10-420
SB0351_1(2): 15-10-420
SB0351_1(3): 15-10-420
SB0351_1(4): 15-10-420
SB0351_1: 15-10-420