Unlock Up to $2,500 in Tax Rebates for Montana Homeowners.In the latest legislative session of the year, Montana’s Republican-led Legislature has allocated a significant portion of the state’s impressive budget surplus, a total of $899 million, for the purpose of providing income and property tax rebates.
Unlock Up to $2,500 in Tax Rebates for Montana Homeowners
These rebates, endorsed into law by Governor Greg Gianforte in March, have already been in effect, with income tax rebates disbursed to homeowners in July. Additionally, an initial phase of property tax rebates is now open for application starting from August 15.
Determining Eligibility for the Rebate Amount
If you’ve maintained your residency in Montana for the entire year and have timely paid your state taxes on income earned in both 2020 and 2021, you’re entitled to receive a rebate of up to $1,250 for your 2021 tax assessment. In the event that you meet these criteria but your 2021 tax payment was less than $1,250, you can expect a complete refund of your payment.
The maximum limit of $1,250 applies to individuals who filed as single taxpayers, heads of households, or married taxpayers who filed their taxes separately. However, married couples who submitted joint tax returns are eligible for a potential amount of twice that figure, totaling $2,500.
It’s important to note that the legislation specifies that individuals who did not file taxes as full or part-year residents in 2020, or those who made late payments for their 2020 or 2021 taxes, will not qualify for these rebates.
For more detailed information about income tax rebates, you can refer to the Montana Department of Revenue or contact the department directly at 406-444-6900.
Property Tax Rebates for 2022 and 2023
Homeowners have the opportunity to receive rebates of up to $675 annually for their property taxes in both 2022 and 2023, applicable to their primary residence. A primary residence is defined as the location where an individual has lived for a minimum of seven months within a given year.
If your property tax payments fall below the $675 threshold for either of these years, you’re eligible to receive a full reimbursement of the payment made.
Applying for Income Tax Rebates
Eligible taxpayers will receive income tax rebates automatically; no action is necessary on your part. These rebates will be processed through electronic bank deposits or mailing, using the account or address details provided to the department in your latest tax return.
Distribution of income tax rebates will begin in July and must be completed by December 31, in compliance with legal requirements. To track the progress of your income tax rebates, you can use the department’s online tool titled “Where’s My Rebate?”
Applying for Property Tax Rebates
Application is required for property tax rebates. The department offers two methods for applying: the online TransAction Portal or a paper form. The application window for these rebates will be open from August 15, 2023, to October 1, 2023.
When using the TransAction Portal, you’ll need specific details, including your residential address, social security numbers for yourself and relevant dependents, the state geocode for your primary property, and the total amount of property taxes paid in 2022.
For claims submitted online, rebates will be processed within 30 days, while hard copy claims will be processed within 90 days, according to the department. A similar application period for 2023 rebates will be available in 2024.
Locating 2021 State Income Tax Amount
To find the amount you paid in 2021 state income taxes, refer to line 20 of the 2021 Montana Individual Income Tax Return form. This figure serves as the basis for rebate calculations.
Ineligible Groups for Income and Property Tax Rebates
- Non-residents: To qualify for the rebate, you must be a Montana taxpayer who, in the claim year, were billed and paid property taxes on your principal residence. You must have lived in your Montana home as a principal residence for at least 7 months during the claim year.
- Homes held in an LLC or Corporation: Homes held in an LLC or corporation aren’t eligible for the rebate, even if a member or shareholder lived in the home for more than seven months during the claim year.
- Late Taxpayers: The law specifies that taxpayers who didn’t file taxes as full- or part-year residents in 2020 or who paid their 2020 or 2021 taxes late won’t be eligible for rebates.
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