Bill > HB928

This bill revises the tax rate for agricultural property owned by certain nonprofit corporations by modifying several sections of Montana law. Specifically, the bill introduces a new category of agricultural land owned by nonprofits that will be taxed at a higher rate, with exceptions for specific types of nonprofit organizations such as churches, schools, hospitals, low-income housing providers, and others. Under the new provisions, agricultural land acquired after the bill's effective date by most nonprofits will be taxed at 10 times the normal agricultural land tax rate, compared to the current 2.16% rate. The bill also makes corresponding technical amendments to related sections of tax law to ensure consistency, such as updating references to this new category of agricultural land in sections dealing with property tax exemptions and tax deed applications. The changes are intended to adjust how agricultural property owned by nonprofits is assessed and taxed, potentially generating more tax revenue from nonprofit landowners while maintaining exemptions for certain types of nonprofit organizations that serve community needs.

Agriculture and Natural Resources

https://bills.legmt.gov/#/laws/bill/2/LC1712