Provide exemption for certain owner-occupied residential property owned by persons 65 or older

This bill creates a property tax exemption for Montana homeowners aged 65 or older who have lived in their primary residence for at least five years. The exemption reduces the tax owed by the difference between the property's current market value and its value in the year the exemption was first approved. To qualify, the home must be a single-family dwelling of up to five acres, and owners must file an application by March 1 of each tax year. The exemption ends if the property is sold or undergoes significant construction or remodeling, though owners may reapply after such changes. The law applies to property tax years beginning after December 31, 2025.