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House debates property tax-deferral loan for older homeowners; sponsor asks Appropriations review
Summary
Lawmakers heard a detailed proposal to allow eligible Montana seniors to defer property-tax increases through a state-backed loan; sponsor said the program is designed as a lien-based, repay-on-sale loan with administrative costs and an appropriation request. The bill was sent to the Appropriations Committee.
Representative Rosenzweig, the bill sponsor, introduced House Bill 836 on the House floor as a program to let certain older Montanans defer property-tax increases by taking a state-backed loan secured by a lien on the home.
Rosenzweig said the program would be targeted to borrowers age 62 or older who have lived in their homes at least five years, that the loan would be payable on sale or from an estate, and that spouses could remain in the home under the same loan terms. “This is a state sponsored line of credit at 5% simple interest that will keep seniors in their home,” Rosenzweig said. She described the design as a…
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