HB412

Montana HB412 would exempt certain modifications to class four residential property from property tax increases.

Montana HB412 provides an exemption for modifications to class four residential property, such as adding living space or altering existing space. The exemption is the lesser of the increase in market value or 15% of the prior year's market value. The exemption cannot be granted before the modification is included in the market value and only one exemption can be granted within a 6-year period. The exemption terminates upon sale of the property and does not apply to modifications made within 3 years of constructing a new class four residential property.