Bill > SB549

This bill provides a 5-year prepaid property tax exemption during subdivision development. The key provisions are: 1. Developers can apply for a temporary property tax exemption if they submit a timely application and prepay the property taxes due on the land for the most recent tax year. 2. The exemption can be renewed annually by paying the previous year's taxes plus a 5% fee. 3. The exemption applies to all real property in the subdivision, including new construction, for up to 5 years or until the subdivision development is complete (at least 95% of lots have a habitable dwelling). 4. The bill also modifies an existing law to allow the Department of Revenue to compute taxes for subdivided properties based on the previous owner's assessment, rather than the new owner, to meet deadlines. The bill is intended to provide an incentive for subdivision development in Montana by temporarily exempting the land from property taxes during the development process.