Lower residential, commercial, and agricultural property tax rates

This bill lowers property tax rates for agricultural land, residential properties, and commercial buildings in Montana to reduce the financial impact of recent property value reassessments. It directly affects farmers, homeowners, and business owners by reducing the percentage of their property's value that must be paid in taxes. The key changes include lowering the tax rate for agricultural land to 1.85% of its productive capacity value and reducing residential and commercial tax rates to 0.76% and 1.07% of market value, respectively. The legislation also clarifies how mixed-use properties are classified and taxed, ensuring that improvements on agricultural land are assessed separately from the land itself. These tax rate adjustments apply retroactively to tax years beginning after December 31, 2024, and the reappraisal cycle starting January 1, 2025.