Bill > LC1224

This bill establishes a new homestead exemption program for residential property owners in Montana, providing a $50,000 reduction in appraised value for properties used as a primary residence. To qualify, applicants must own the property, use it as their primary residence for at least 7 months of the year, and apply by March 1 of the year they first claim the exemption. The department will verify residency by checking documents like Montana driver's licenses, vehicle registrations, and tax returns. Applicants must provide an affirmation of primary residence and are subject to penalties for false information, including potential fines up to $5,000 or imprisonment. The exemption continues in subsequent years as long as the property remains a primary residence, with some exceptions for military personnel. Homeowners cannot claim the exemption if they are already receiving certain other property tax assistance programs, and they can only claim the exemption for one property at a time. The bill requires the department to notify all residential property owners about the new exemption by July 1, 2025, and will apply to property tax years beginning after December 31, 2025. The legislation also makes consequential amendments to existing tax notification laws to include references to this new homestead exemption.

https://bills.legmt.gov/#/lc/bill/2/LC1224