Bill > HB461

This bill creates a property tax exemption for residential properties owned and occupied by homeowners who are 67 years of age or older and have owned their property as a primary residence for at least 5 years. The exemption amount is calculated by subtracting the property's base year market value from its current market value. The exemption can be terminated if the property is sold, undergoes significant new construction or remodeling (defined as alterations over 100 square feet), or is reclassified. Homeowners must apply for the exemption by March 1 of the tax year, and once approved, they remain eligible in subsequent years as long as the property continues to be their primary residence. A primary residence is defined as a single-family dwelling where the owner lives at least 7 months of the year and is their only exempted property. Applicants must provide an affirmation of ownership and residency and are subject to penalties for false statements. The department can investigate applications and verify primary residence status. The bill specifies that this exemption will apply to property tax years beginning after December 31, 2025, and is intended to be incorporated into existing tax law provisions.

Budget and Finance

https://bills.legmt.gov/#/laws/bill/2/LC0850