At a press conference held at Central Plumbing, Heating, Excavation in Great Falls, Governor Greg Gianforte discussed his proposed tax cuts aimed at delivering significant property tax relief for Montana homeowners and small businesses, specifically through the Homestead Rate Cut.
“Through the Homestead Rate Cut, we can provide permanent property tax relief, giving Montanans more certainty in their family and business budgets,” said Governor Gianforte. “We must deliver meaningful relief for those who live and work here, and they are counting on us to get this done.”
The Homestead Rate Cut, introduced as part of a proposal recommended by the governor’s bipartisan Property Tax Task Force, is expected to reduce property taxes by 15% for homeowners and 18% for small businesses. The tax cut would directly benefit over 215,000 primary residences and more than 32,000 small businesses, as well as provide indirect relief for more than 130,000 renters.
Central Plumbing, Heating, Excavation, a fourth-generation family-owned business employing over 170 Montanans, provided the backdrop for the governor’s remarks. CEO Pat Bahnmiller emphasized the positive impact of the proposed tax cuts on both businesses and families struggling with inflation and rising property taxes.
“At Central, we pride ourselves on providing a quality product for our customers, but even more importantly, on ensuring our employees can support their families,” Bahnmiller said. “The relief you’re offering would be huge, especially when families are being squeezed by inflation and property taxes. It’s a good idea.”
The Homestead Rate Cut, which passed the House with bipartisan support last week, is now being reviewed by the Senate Taxation Committee. Governor Gianforte also highlighted another aspect of his budget aimed at easing the burden on small businesses — an increase in the business equipment tax exemption from $1 million to $3 million. This measure is expected to eliminate the tax burden for over 700 small businesses, farms, and ranches.
“We are really in favor of expanding the business equipment tax exemption,” Bahnmiller added. “That tax has been squeezing us for a while, and this change will provide much-needed relief.”
Since taking office, Governor Gianforte and the legislature have worked to enact a pro-jobs, pro-family agenda. The state has seen record job and business creation, historic low unemployment, and wage growth at the second-fastest rate in the nation.
With the Homestead Rate Cut and expanded business equipment tax exemptions, Governor Gianforte aims to strengthen Montana’s economy while easing the financial pressure on homeowners and small businesses across the state.
By: DNU staff