Montana Governor Signs law Making Various Changes to Tax Law

The Montana Governor signed a law making various changes to the tax law. The changes include: 1) providing a $400 property tax rebate or amount of total property taxes paid, whichever is less, for tax year 2024 on a principal residence; 2) establishing a homestead reduced tax rate and a rental property reduced tax rate on class 4 residential property, with graduated rates based on the property’s market value relative to the statewide median residential value, beginning tax year 2026; 3) the reduced rates range from 0.76 percent to 1.9 percent for owner-occupied residences and 1.1 percent for long-term rentals; ...