House Bill No. introduced by E. Byrne and others proposes to revise the property tax rate for Class Four residential and commercial properties in Montana. The bill amends Section 15-6-134 of the Montana Code Annotated (MCA) to change the tax rate for class four residential property from 1.35% to 0.76% of market value. Additionally, the tax rate for single-family residential dwellings valued over $1.5 million and for commercial properties is set to 1.35%, replacing the previous multipliers that increased the rates. The bill also specifies that property with both residential and commercial uses will be classified based on the predominant land use.

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 the reappraisal cycle starting January 1, 2025. This means that the new tax rates will be applied to properties during the upcoming tax years and reappraisal cycle, impacting how property taxes are calculated for these classifications moving forward.

Statutes affected:
LC Text: 15-6-134
HB0213_1(1): 15-6-134
HB0213_1(2): 15-6-134
HB0213_1(3): 15-6-134
HB0213_1(4): 15-6-134
HB0213_1(5): 15-6-134
HB0213_1: 15-6-134