House Bill No. introduced by S. Rosenzweig establishes a Property Tax Deferral Loan Program to assist senior citizens aged 62 and older with property taxes that exceed the amounts levied in 2022. The program will provide loans to qualifying property owners who have at least 20% equity in their primary residence, while removing eligibility for active-duty military personnel. Applicants must meet specific requirements, including residency in Montana, household income limits, and the necessity of hazard insurance on the property. The loan amount is capped at the difference between current property taxes and those from 2022, with provisions for annual increases based on subsequent tax assessments.

The bill also outlines loan repayment terms, stating that the loan and interest are due within 90 days of the qualifying property owner's death, upon the sale of the property, or if false information was provided during the application process. A surviving spouse may assume the loan under certain conditions. Additionally, the legislation amends existing sections of the Montana Code Annotated to incorporate the new program and its definitions, while also updating the appeal process for property tax assessments and the requirements for tax lien notifications. Notably, the property tax deferral loan program replaces the previous mention of the residential property tax credit for the elderly in the county treasurer's notices regarding tax obligations and assistance programs. The act is set to take effect on July 1, 2025.

Statutes affected:
LC Text: 15-7-102, 15-16-101, 15-17-125
HB0836_1(1): 15-7-102, 15-16-101, 15-17-125
HB0836_1(2): 15-7-102, 15-16-101, 15-17-125
HB0836_1(3): 15-7-102, 15-16-101, 15-17-125
HB0836_1(4): 15-7-102, 15-16-101, 15-17-125
HB0836_1(5): 15-7-102, 15-16-101, 15-17-125
HB0836_1: 15-7-102, 15-16-101, 15-17-125
HB0836_2(1): 15-7-102, 15-16-101, 15-17-125
HB0836_2(2): 15-7-102, 15-16-101, 15-17-125
HB0836_2(3): 15-7-102, 15-16-101, 15-17-125
HB0836_2(4): 15-7-102, 15-16-101, 15-17-125
HB0836_2(5): 15-7-102, 15-16-101, 15-17-125
HB0836_2(6): 15-7-102, 15-16-101, 15-17-125
HB0836_2(7): 15-7-102, 15-16-101, 15-17-125
HB0836_2(8): 15-7-102, 15-16-101, 15-17-125
HB0836_2: 15-7-102, 15-16-101, 15-17-125