HELENA, Montana – Democrats in the Montana House of Representatives and Senate have officially announced their proposal for long-term property tax relief.

At a press conference at the state Capitol, they addressed three areas that will help lower property taxes for low- and middle-income Montanans, protect working Montanans and ensure that millionaires and big corporations pay their fair share of taxes.

“Democrats in the House and Senate are united in their efforts to find solutions for meaningful, immediate and permanent property tax relief,” said Rep. Jonathan Karlen (Missoula).

Their plan would be a Property tax exemption for Montana residents and a $200,000 tax exemption for small businesses, resulting in immediate tax cuts for homeowners, renters and the public.

It would also be a new staggered residential property tax rate This would reduce taxes for low- and middle-income Montanans while ensuring that high-end homeowners pay their fair share.

Finally, it would be a Housing Equity Tax Credit; They say it would ensure that working families and retirees in Montana are not forced out of their homes by keeping their property taxes from rising beyond their ability to pay.

An example of their long-term property tax relief plan: A family with an annual income of $80,000 and a tax liability of $4,500 will receive a credit of $875. A retiree with an income of $50,000 and a tax liability of $3,500 will receive a credit of $1,575. If their taxes increase, the credit will be adjusted accordingly.

The state's Democrats accuse the governor and Republican legislature of failing to take action to prevent today's property tax crisis by rejecting House Bill 280, which would have provided relief to homeowners and renters.

However, when it comes to this problem, Democrats in Montana are not the only ones trying to solve it.

“Fewer than 90,000 Montana residents would have been eligible for the tax credit proposed by the Democrats (HB 280). More than three times as many Montana residents (290,000) were eligible for the property tax refunds passed by the Republicans,” said Kyle Schmauch, a spokesman for Republicans in the Senate.

He also says, Republicans on the Legislature's interim revenue committee and the governor's property tax working group have already proposed a property tax exemption for owner-occupied homes.

They will discuss the proposal again on Monday, July 8.

“The Democrats are not offering any new or better ideas, but it is encouraging to see them supporting a version of the Republicans' plans,” Schmauch said.

When it comes to where the money should come from, Democrats say:There are a number of loopholes and exemptions that Republicans have granted to large corporations over the years that we would close to fund the plan.