Revise class four residential and commercial property taxes

This bill revises Montana's property tax rates for Class Four residential and commercial properties, directly affecting homeowners, landlords, and business owners. It establishes a graduated tax rate for residential properties, exempting the first $50,000 of market value and applying higher rates to values above $1.5 million, while also creating an exemption for the first $200,000 of commercial and industrial property value. The legislation includes specific provisions for vacant residential lots, rental multifamily units, and mixed-use properties, with tax rates generally set at 1.35% for residential properties and 1.89% for commercial properties, subject to certain exemptions and multipliers. The bill takes effect immediately upon passage and applies retroactively to tax years beginning after December 31, 2024.