Eligible property owners in the northwestern State of Montana are about to benefit from a property tax rebate, according to the Montana Department of Revenue (DOR). A property tax relief package was signed into law and it’s time for rebates to be paid out to state residents who have been faithfully paying their property taxes.
Eligible Montana property owners can expect a second round of tax rebates
Montana Governor Greg Gianforte signed a property tax relief program into law in 2023 that sees rebates issued on property taxes already paid on a principal residence, and one round has already gone out. The rebate applies specifically to taxes paid on a person’s principal residence and there are qualifying criteria to meet before it will be approved.
Montana lawmakers passed this rebate into law to assist homeowners with the financial burden of higher property tax assessments. The rebate does not take the form of nationwide Stimulus Checks but is operated as a state program that provides direct relief to qualifying taxpayers.
How much is the rebate and who qualifies?
An amount of up to $675 is due back in refunded property taxes paid on a principal residence. Qualifying taxpayers must meet the following criteria:
- Property owners must have owned and lived in a Montana residence for at least seven months in total in 2022.
- All taxes must be paid up to date on the property.
- Properties owned by an entity and irrevocable trusts are excluded from the rebate.
What is the application deadline?
The application window opened on August 15, 2023, and closed on October 1, and applications could be made online or by paper form. Montanans who made the deadline will receive their payments by December 31, 2023. Taxpayers may choose how they receive the rebate during their application process, including by direct deposit to a bank account or by mailed paper check.
Beware of scams
Taxpayers have been warned about scams operating in tax filing season, which are often well-thought-out and difficult to spot. Protect yourself by researching ways to identify and avoid the various forms of fraudulent activity that criminals use to get their hands on your cash.
Montana is not the only state that offers property tax rebates
There are several US states that offer some form of property tax rebate and the amounts vary from a couple of hundred dollars to above $1,000. Most of them will be paid around this time of the year early in the season for filing taxes.
The aim of these initiatives is to provide economic relief to homeowners who keep up with the often heavy burden of increasingly high property taxes.
Who is eligible for state property tax rebates?
The eligibility criteria vary from state to state, however, the following generally apply:
- Homeownership: Taxpayers claiming the property tax rebate must own and must have resided in the property as their primary residence.
- Residency: The claimant must have lived in the home for at least seven months of the qualifying tax year.
- Property taxes: Property taxes must be up-to-date with no amounts outstanding.
- Property type: Eligibility applies to single-family homes, condos, and mobile homes that sit on owned land.
Why do homeowners need relief?
State tax rebates are often issued in response to factors such as:
- Increasing property taxes: Housing market fluctuations have seen homeowners having to fork out more in taxes, which puts a strain on people’s budgets.
- Surplus state funds: Some states pay out surplus tax revenue to provide financial relief to residents.
- Inflation and the rising cost of living: Targeted financial aid programs help residents manage expenses as the costs of basic living expenses increase.
It’s important to only rely on trusted sources of information, such as your state’s official website or social media channels. If you believe you have a property tax rebate on the way, keep an eye on your postbox or bank account.
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