Montana Title 15. Taxation § 15-6-402. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

As used in this part and 15-6-134, the following definitions apply:

(1) “Homestead reduced tax rate” means the tax rate provided for in 15-6-134(3)(b)(i).

(2) “Long-term rental” means class four residential property:

(a) that is a single-family dwelling unit, unit of a multiple-unit dwelling, trailer, manufactured home, or mobile home and the parcel on which the long-term rental improvements are located but not including any contiguous or adjacent parcels;

(b) that an owner can demonstrate was:

(i) rented for periods of 28 days or more for at least 7 months in each tax year for which the rental property reduced tax rate is claimed; or

(ii) vacant for not more than 5 months to complete documented property repairs;

(c) that is occupied by tenants who use the dwelling as a residence during the year in which the reduced tax rate is claimed; and

(d) for which the owner is current on payment of the assessed Montana property taxes when claiming the reduced tax rate.

(3) “Owner” includes a purchaser under contract for deed as defined in 70-20-115, a grantor of a trust indenture as defined in 71-1-303, and the trustee of a grantor trust that is revocable as defined in 72-38-103.

(4)(a) “Principal residence” means class four residential property:

(i) that is a single-family dwelling unit, unit of a multiple-unit dwelling, trailer, manufactured home, or mobile home and the parcel on which the principal residence improvements are located but not including any contiguous or adjacent parcels;

(ii) in which an owner can demonstrate the owner owned and lived for at least 7 months of the year for which the homestead reduced tax rate for a principal residence is claimed;

(iii) that is the only residence for which the owner claims the homestead reduced tax rate for that year; and

(iv) for which the owner made payment of the assessed Montana property taxes.

(b) An owner who cannot meet the requirements of subsection (4)(a)(ii) because the owner's principal residence changed during the tax year to another principal residence may still qualify for the homestead reduced tax rate if the owner paid the Montana property taxes while residing in each principal residence for a total of at least 7 consecutive months for each tax year.

(5) “Rental property reduced tax rate” means the tax rate provided for in 15-6-134(3)(b).

(6) “Tax year 2026” means the period from January 1, 2026, through December 31, 2026.

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Cite this article: FindLaw.com - Montana Title 15. Taxation § 15-6-402. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-15-taxation/mt-code-ann-sect-15-6-402/

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