MT SB4

1-acre homesites on agricultural land will be valued at market value but receive an exemption equal to the statewide average value of a 1-acre homesite on agricultural property

Removes the previous method of valuing residential land on agricultural property at the highest productive agricultural land class

Creates separate tax treatment categories for homesites on qualified agricultural land, nonqualified agricultural land, and forest land

Updates cross-references in related statutes governing transmission line right-of-way exemptions and intangible land value exemptions

Effective January 1, 2027, applying to property tax years beginning after December 31, 2026