Montana’s New Property Tax Rebates: How to Qualify and Apply

Montana’s New Property Tax Rebates: How to Qualify and Apply.Montana homeowners, rejoice! In a groundbreaking move, Montana’s Legislature, led by the Republican majority, has set aside a whopping $899 million from the state’s budget surplus for income and property tax rebates.

Montana’s New Property Tax Rebates: How to Qualify and Apply

Governor Greg Gianforte officially signed these rebates into law in March, providing much-needed relief for homeowners. This article delves into the details of Montana’s new property tax rebates, eligibility criteria, application process, and more.

Eligibility and Benefits

If you’ve called Montana home for the entire year and diligently paid your state taxes on your 2020 and 2021 income, you’re in line for a potential rebate of up to $1,250 for your 2021 tax assessment. Even if your 2021 tax payment was below $1,250, you’re likely to receive a complete refund of your payment. The $1,250 rebate limit applies to single taxpayers, heads of households, and married couples who filed their taxes separately. However, couples who filed jointly could be eligible for an impressive rebate of up to $2,500.

It’s important to note that individuals who didn’t file taxes as full or part-year residents in 2020, or those who made late payments for their 2020 or 2021 taxes, won’t qualify for these rebates. To learn more about income tax rebates, visit the Montana Department of Revenue’s official website or contact them directly at 406-444-6900.

Property Tax Relief

Homeowners can breathe a sigh of relief as property tax rebates extend to 2022 and 2023. Montana residents could receive annual rebates of up to $675 for their primary residence for both of these years. To be eligible, you must have lived in your primary residence for a minimum of seven months within the respective year. If your property tax payments fall below the $675 threshold for any of these years, you’re entitled to a complete reimbursement of the payment you made.

Applying for Rebates

For those eager to apply for these rebates, the process is straightforward. Montana’s Department of Revenue offers two convenient avenues for applying for the 2022 property tax rebates:

Online TransAction Portal:

Starting from August 15, 2023, homeowners can submit their applications online through the TransAction Portal. This method requires details such as your residential address, social security numbers for yourself, your spouse, and any dependents listed on your latest income tax filing, your property’s state geocode, and the total amount of property taxes paid in 2022. The application will also prompt you for an identification number from a property tax rebate letter. Online claims will be processed within 30 days.

Paper Form:

If you prefer traditional methods, a paper form option is available as well. The same essential information is required, and claims submitted using this method will be processed within 90 days.

The application window for these rebates is open from August 15, 2023, to October 1, 2023. Similar application periods will be available in the corresponding dates in 2024 for 2023 rebates.

Tracking Progress and Distribution

Income tax rebates require no action on your part. Qualifying taxpayers will receive their rebates automatically, either through electronic bank deposits or mail. The distribution process begins in July and must be completed by December 31, adhering to legal requirements. To track the progress of your income tax rebates, use the Montana Department of Revenue’s online tool titled “Where’s My Rebate?”

Conclusion

Montana’s new property tax rebates are a welcome relief for homeowners facing the burden of taxes. Eligible individuals stand to benefit from substantial income tax and property tax rebates. The application process is designed to be user-friendly, offering both online and paper options. Whether you’re seeking income tax rebates or property tax relief, Montana’s Department of Revenue has you covered. Don’t miss out on this opportunity to ease your tax burden – apply and reap the rewards today!