Revise taxation of homesite on certain agricultural property

SB 4 changes how Montana taxes the land beneath a home on qualifying agricultural property. It requires the first acre of land under a residence on eligible farm property to be valued at market rate but exempts it from tax up to the statewide average value for similar homesites. This primarily affects homeowners living on agricultural land who qualify for special farm tax treatment under Montana law. The exemption reduces their property tax burden specifically on that 1-acre parcel, rather than the entire farm.