House Bill 1044 Summary

• Individuals receive a $3,375 reduction in taxable valuation of their primary residence; seniors age 65 and older receive $5,625.

• Estates, trusts, corporations, and passthrough entities that own residential property used in farming or ranching operations qualify if occupied as a primary residence by a beneficiary or owner.

• Applicants must file a claim form with the assessor by March 1st each year, with eligibility determined as of February 1st of that year.

• County auditors must certify reduction amounts to the tax commissioner by April 1st annually; the tax commissioner distributes state funds to counties by June 1st based on local tax mill rates.

• $384,000,000 is appropriated from the general fund for the biennium beginning July 1, 2013, through June 30, 2015; the law is effective for taxable years beginning after December 31, 2012.