Bill
LC 2513
Summary of Legislative Bill LC 2513: Generally Revise Property Tax Laws Bill OverviewThis draft bill, which died in the legislative process, sought to make various changes to Monta
This draft bill, which died in the legislative process, sought to make various changes to Montana's property tax laws. The primary intent of the legislation was to overhaul the state's property tax system in order to provide relief for homeowners and make the tax code more equitable.
The main elements of the proposed legislation included:
Homestead Exemption Increase: The bill would have increased the existing homestead property tax exemption from $20,000 to $50,000 of a home's assessed value. This would have effectively reduced the taxable portion for eligible homeowners.
Classification Changes: The bill proposed to reclassify certain types of properties, such as small businesses and agricultural land, into lower tax rate categories. The goal was to ease the property tax burden on these classes of properties.
Assessment Valuation Adjustments: The legislation sought to modify the formulas and methods used to assess the taxable value of different types of properties. This included basing residential property values more on recent sales data rather than cost-based approaches.
Tax Credit for Low-Income Seniors: The bill included a new refundable tax credit of up to $1,000 for low-income senior citizens (65+ years old) to help offset their property tax payments.
If enacted, this bill would have impacted all property owners in Montana, with a particular focus on providing relief to homeowners, small businesses, and senior citizens on limited incomes.
The changes proposed in the bill were intended to take effect starting in the 2026 tax year, pending any phase-in periods, in order to give state and local governments time to adjust their budgeting and assessment procedures.
Though this draft bill did not advance beyond the initial legislative process, it represented an effort to comprehensively reform Montana's property tax system. The proposed changes aimed to reduce the tax burden on certain classes of properties and provide more targeted relief to homeowners and other vulnerable groups.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
