MT HB928

Agricultural land acquired after the effective date by nonprofit corporations would be taxed at 10 times the standard agricultural property tax rate (21.6% vs. 2.16% of productive capacity value)

Exemptions from the higher tax rate apply to churches, schools, colleges, universities, hospitals, medical research organizations, facilities caring for the elderly or disabled, low-income housing organizations, cemeteries, residential treatment centers, organizations providing veteran housing, and rural cooperative utilities

The 1 acre beneath improvements on affected nonprofit-owned agricultural land would be valued at market value under class four property rules

Conforming amendments update related statutes governing transmission line easement exemptions and tax deed application procedures to include the new nonprofit agricultural land classification

Effective immediately upon passage and approval