MT HB231

Provides a $400 property tax rebate for tax year 2024 to homeowners who owned and lived in their principal residence for at least 7 months, with claims submitted between August 15-October 1, 2025

Creates a graduated "homestead reduced tax rate" beginning in tax year 2026 for owner-occupied principal residences and qualifying long-term rentals (rented 28+ days for at least 7 months annually), with rates ranging from 0.76% to 1.9% based on property value relative to the statewide median

Sets commercial and industrial property tax rates at 1.5% for values below 6 times the median commercial value and 1.9% for values at or above that threshold, with golf courses taxed at half the commercial rate

Requires local governments with fixed mill levy limits in their charters to adjust levies to generate the same revenue as fiscal year 2025, and provides state reimbursement for up to 4 years to affected taxing entities

Appropriates $90 million to a property tax assistance account for rebates, plus $4 million to the Department of Revenue for implementation