This bill revises the taxation of homesites on certain agricultural properties in Montana. It establishes that a 1-acre homesite on agricultural land will be valued at market value, but with an exemption equal to the statewide average value of a 1-acre homesite on agricultural property. The bill amends several sections of the Montana Code Annotated (MCA), including 15-6-134, 15-6-229, 15-6-240, 15-7-202, and 15-7-206, to reflect these changes. Notably, it replaces the previous requirement that the 1-acre must be valued at market value with the new provision that it is subject to an exemption.
Additionally, the bill clarifies the eligibility criteria for land to be classified as agricultural and outlines the application process for property tax exemptions related to agricultural land. It specifies that improvements on agricultural land, such as barns and sheds, will be included in the total area of land actively devoted to agricultural use. The bill also sets a delayed effective date of January 1, 2027, and applies to property tax years beginning after December 31, 2026.
Statutes affected: LC Text: 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1(1): 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1(2): 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206
SB0004_1: 15-6-134, 15-6-229, 15-6-240, 15-7-202, 15-7-206