Montana Governor Signs Law Revising Homestead Property Tax Exemption, Increasing Homestead Value Limitation

The Montana Governor May 10 signed a law revising homestead exemption provisions by increasing the homestead value limitation for property tax purposes. The law includes measures: 1) removing the existing homestead value of $250,000; 2) directing the Department of Revenue to adopt administrative rules setting the homestead value limit; 3) setting the homestead value limit of $350,000 for 2021; and 4) providing that the homestead value limit must increase by 4 percent every calendar year after 2021. The law took effect May 10. [/MT\FINAL\2021R1SB114///, enacted 05/10/21]

Reference: View Bill. View Legislative Information.