Montana SB4 revises agricultural property taxation, exempting certain homesites on agricultural land from full market value assessment.

Montana SB4 amends the state's tax code to revise the taxation of homesites on certain agricultural property. The bill introduces a provision where a 1-acre homesite on agricultural land is valued at market value but subject to an exemption. It specifies that parcels of land under single ownership, supporting primary residential improvements, are eligible for agricultural classification if they meet certain criteria, such as being part of a bona fide agricultural operation.

Montana SB4 revises agricultural property taxation, exempting certain homesites on agricultural land from full market value assessment.

Montana SB4 amends the state's tax code to revise the taxation of homesites on certain agricultural property. The bill introduces a provision where a 1-acre homesite on agricultural land is valued at market value but subject to an exemption. It specifies that parcels of land under single ownership, supporting primary residential improvements, are eligible for agricultural classification if they meet certain criteria, such as being part of a bona fide agricultural operation.