MT SB32

Reduces tax rates across multiple property classes to a uniform 1.65% of market value, down from rates ranging from 2.16% to 12% depending on property class

Creates a lower 1.25% tax rate for owner-occupied residential property (single-family homes, duplexes, manufactured homes) where the owner lives in the property at least 7 months per year

Eliminates the higher 1.4x multiplier previously applied to commercial property and homes valued over $1.5 million

Revises local government levy limits to allow governments to impose their prior year mill levy plus an inflation adjustment based on the consumer price index, rather than the previous formula using a 3-year average

Applies to property tax years beginning after December 31, 2025