MT HB528

Reduces Class Three agricultural property tax rate from 2.16% to 1.7% of productive capacity value

Reduces Class Four residential property tax rate from 1.35% to 0.76% of market value

Changes commercial property tax rate from 1.4 times the residential rate to a flat 1.35%, and changes the higher rate for residential properties over $1.5 million from 1.4 times to 1.35 times the base rate

Caps reductions to school equalization and university system revenue at no more than $50 million for 2025, requiring the Department of Revenue to calculate mill levies accordingly

Takes effect immediately upon passage with retroactive application to tax years beginning after December 31, 2024