Bill > HB920

This bill aims to provide a temporary property tax exemption for senior care facilities and housing development projects in Montana. The legislation seeks to address the shortage of affordable senior housing by offering tax incentives to tax-exempt organizations. Specifically, the bill allows tax-exempt senior care and housing sponsors to petition local governments for approval of a property tax exemption for development projects that provide housing for seniors aged 62 and older or with at least one occupant 55 or older. If approved, the project can receive a temporary property tax exemption for up to 5 years, with the possibility of a 5-year renewal. The exemption applies to all real property owned by the project, including new construction, and can cover various types of senior care facilities such as independent living, assisted living, memory care, and hospice. The bill requires local government approval, mandates annual reporting by the sponsor, and limits ancillary commercial businesses to 20% of the project area. The tax exemption is designed to encourage the development of senior care facilities by reducing financial barriers and supporting organizations dedicated to creating housing options for elderly Montanans.

Budget and Finance

https://bills.legmt.gov/#/laws/bill/2/LC1863