Senate Bill No. 211
Introduced By devlin, harp, foster, van valkenburg, crippen, grosfield, aklestad
A Bill for an Act entitled: "An Act submitting to the qualified electors of Montana an amendment to Article VIII, section 3,
of the Montana Constitution to allow equalization of property values for property tax purposes to be based on classification
and on acquisition values, to limit increases in valuation THE VALUE of property IN ANY CLASS, if AS provided by
law, to 2 percent a year for property tax purposes, and to allow any increase because of periodic reappraisal to be phased in
over the course of a reappraisal cycle; and providing an effective date."
Be it enacted by the Legislature of the State of Montana:
Section
Article VIII, section 3, of The Constitution of the State of Montana is amended to read:
"Section 3. Property tax administration -- valuation limitations. (1) (a) The Subject to the provisions of subsection
SUBSECTIONS (1)(b) AND (2), the state shall appraise, assess, and equalize the valuation of all property which is to be
taxed in the manner provided by law.
(b) Equalized valuation may be achieved through the classification of property and may be based on acquisition value.
(2) For property tax purposes, the INCREASE IN THE value of any class of property, if MAY BE LIMITED AS provided
by law, may not increase by more than two percent a year unless the acquisition method of valuation results in a change in
the value of property for the tax year.
(3) Any increase in the value of property because of periodic reappraisals may be phased in during a reappraisal cycle."
NEW SECTION. Section
If approved by the electorate, this amendment is effective January 1, 1999.
NEW SECTION. Section
This amendment shall be submitted to the qualified electors of Montana at the
general election to be held in November 1998 by printing on the ballot the full title of this act and the following:
[] FOR allowing property taxes to be based on acquisition value and CLASSIFICATION, limiting annual increases in
valuation of property to 2%, AND PHASING IN REAPPRAISAL VALUES.
[] AGAINST allowing property taxes to be based on acquisition value and CLASSIFICATION, limiting annual increases
in valuation of property to 2%, AND PHASING IN REAPPRAISAL VALUES.
-END-