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SB 542 - Amends State Property Tax Rates - Montana Key Vote

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Title: Amends State Property Tax Rates

Vote Smart's Synopsis:

Vote to adopt a conference report and pass a bill that amends state property tax rates in Montana.

Highlights:

  • Amends state property tax rates in Montana and institutes a graduated rate system for residential property, with higher tax rates as a property’s value increases, while reducing the rates for all residential property to the same level for the year (Sec. 1-20).

  • Specifies that for qualifying properties worth more, the rate would be 0.76% on the value up to the median, then higher on the rest of the property’s value rising to 0.9%, 1.1%, and eventually 1.9% on any value above four times the median (Sec. 1-20).

  • Specifies that for second homes and short-term rentals, the rate would be 1.9% on the full property value (Sec. 1-20).

  • Specifies that the commercial tax rate is currently 1.89% and will be adjusted to 1.5% for properties worth less than six times the median value, and 1.9% for ones worth more (Sec. 1-20).

  • Specifies that the provisions of this bill shall take effect beginning July 1, 2025 (Sec. 22).

Full Bill Text

See How Your Politicians Voted

Title: Amends State Property Tax Rates

Vote Smart's Synopsis:

Vote to concur and further amend a bill that amends state property tax rates in Montana.

Highlights:

  • Amends state property tax rates in Montana and institutes a graduated rate system for residential property, with higher tax rates as a property’s value increases, while reducing the rates for all residential property to the same level for the year (Sec. 1-20).

  • Specifies that for qualifying properties worth more, the rate would be 0.76% on the value up to the median, then higher on the rest of the property’s value rising to 0.9%, 1.1%, and eventually 1.9% on any value above four times the median (Sec. 1-20).

  • Specifies that for second homes and short-term rentals, the rate would be 1.9% on the full property value (Sec. 1-20).

  • Specifies that the commercial tax rate is currently 1.89% and will be adjusted to 1.5% for properties worth less than six times the median value, and 1.9% for ones worth more (Sec. 1-20).

  • Specifies that the provisions of this bill shall take effect beginning July 1, 2025 (Sec. 22).

Full Bill Text

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