One of the most crucial things Americans do as they start getting ready for the new year is find out about the different tax laws in their place of residence and federal taxes. States occasionally enact supplementary refunds and rebates to lessen the financial strain on the families that reside there. In 2024, this was the case in Montana. Through the state’s Property Tax Rebate program, some residents of this state may have been eligible for a $675 property tax refund.
This new program aims to provide some financial assistance to state residents who have been paying property taxes on their principal dwelling for at least seven months in 2023 and who own their homes. For individuals who fulfil the program’s requirements, this new rebate can be of great assistance.
Those who missed the application deadline for this scheme, which ended on October 1st, 2024, will have to wait and see if another refund of the same kind becomes available for the upcoming tax cycle. Payments for claims submitted online will be made within 30 days of the Montana Division of Taxation starting to process claims on August 15. Paper claims can take up to 90 days to process, so those who wait until the last minute to file won’t get their checks until at least November and at most January 2025.
Montana Property Tax Refund
Up to $675 in property taxes paid on a primary dwelling in Montana could be refunded under the Montana Property Tax Rebate. Not everyone was able to get the full amount of the rebate for tax year 2023 since the amount of the rebate could not have exceeded the property taxes paid on the primary Montana residence.
According to the Montana Business and Income Tax Division, “If you paid $425 in property taxes on your principal Montana residence in 2023, you would receive a $425 property tax rebate. If you paid $1,200 in property taxes on a principal residence in 2023, you would receive a $675 property tax rebate.”
This reimbursement was only available to state taxpayers who fulfilled a few simple requirements. To be eligible for this specific return, you had to meet certain requirements, such as:
- Owning a Montana home for a minimum of seven months in 2023.
- Having spent at least seven months of the same year residing in the house.
- Having paid their primary residence’s property taxes and received bills.
One refund per household is permitted, as is the case with most refunds and rebates, and among the qualifying dwellings are single-family homes, apartments, condos, trailers, and prefabricated homes. Only up to one acre of land and residential property taxes paid were eligible for rebates. The following categories of disqualified dwellings exist in addition to these requirements:
- Properties that belong to a company or an LLC are not eligible for reimbursement.
- The rebate does not apply to renters. The rebate can only be claimed if you owned the house and resided there for at least seven months during the claim year.
- Irrevocable trusts.
As long as they lived in the state for seven consecutive months, anyone who relocated their principal residence within the state in 2023 may still be eligible for the reimbursement. According to the Montana Business and Income Tax Division, “If you moved from one principal residence to another in 2023 and paid Montana property taxes while residing in each principal residence for a total of at least 7 consecutive months during the calendar year of the claim year, you can qualify for the Property Tax Rebate.” On your claim, report the geocode for the residence you lived in the longest. For Tax Year 2023, report the total amount of property taxes you paid for both homes.
