MT HB155

Replaces the flat 1.35% residential property tax rate with a graduated system: 0% on first $50,000, 1% on $50,001-$500,000, 1.25% on $500,001-$750,000, 1.3% on $750,001-$1 million, 1.4% on $1-1.5 million, 1.89% on $1.5-2 million, and 2% above $2 million

Caps the maximum tax rate for multifamily rental units at 1.89% if leased at 150% or less of county fair market rent, requiring annual lease rate certification to the Department of Revenue

Sets commercial and industrial property tax rate at 1.4% for the first $400,000 of market value, with amounts above $400,000 taxed at the residential rate multiplied by 1.4

Taxes vacant residential lots under $500,000 at 1% of market value, and golf courses at half the standard commercial rate

Applies retroactively to property tax years beginning after December 31, 2024, with immediate effective date upon passage