Recently, Montana Governor Greg Gianforte approved a groundbreaking law aimed at bringing financial relief to homeowners. This new tax rebate program presents an opportunity for eligible individuals to receive between $675 and $1,350. However, applicants must complete an application process to qualify for the benefits.
According to the governor, “Property taxes are excessively burdensome, and that’s why we have taken decisive action to ensure immediate property tax relief for Montanans during this legislative session. However, our goal is to go beyond temporary solutions and implement enduring reforms that will alleviate the property tax burden in the long run.
Montana Residents Can Claim up to $1,350 in Property Tax Rebates
In the upcoming two years, individuals residing in Montana have the opportunity to claim up to $1,350 through property tax rebates. Under this new law, eligible taxpayers will receive a tax rebate amounting to a maximum of $675 for both the current year and the subsequent year. The rebate is calculated as $675 or the total amount of property taxes owed on their primary residence in Montana for each respective year, whichever amount is lower.
For instance, if a taxpayer’s property taxes amounted to $500, they would receive a rebate of $500, covering the full amount owed. However, if their property taxes exceeded $675, the rebate would still be capped at $675.
According to the state’s website, applications for the rebate program will be accepted from August 15 and will close on October 1.Here’s a step-by-step guide on how to claim the cash rebate
Eligibility Criteria:
- The applicant must have owned a Montana residence for a minimum of seven months.
- The applicant must have lived in the Montana residence for at least seven months.
- The applicant should have received property tax bills for the residence and made the necessary tax payments.
- Individuals who moved away during the year but still meet the eligibility requirements are also eligible for the rebate.
Residents meeting the eligibility criteria can apply for the rebate by submitting their application through the designated channels. Once approved, eligible applicants will have the option to receive the rebate in either of two ways: a paper check or direct deposit. Flyers and postcards containing information about the rebate program were sent to homeowners who might be eligible for the benefit. Don’t forget to mark your calendar and submit your application between August 15 and October 1 to claim your rebate!
Exciting News for Montana Residents: $480 Million in Tax Rebates
As part of the state’s approved income tax rebates earlier this year, Montana is set to distribute a significant $480 million back to eligible taxpayers. Besides the income tax rebates, additional checks for $2,500 are also being issued to residents who overpaid in taxes. Individual taxpayers can receive up to $1,250, while joint filers can potentially get as much as $2,500. Governor Gianforte expressed his enthusiasm for returning the overpaid taxes to Montanans, ensuring the money finds its way back to where it rightfully belongs.
To claim the rebate, residents must have filed their 2020 and 2021 taxes by October 17, 2022, and not have been claimed as dependents on another tax return. It’s crucial that they have paid income taxes and filled out line 20 on their 2021 tax returns using form two, and the amount on line 20 must have been greater than zero.
If line 20 exceeds $1,250 for individuals or $2,500 for joint filers, they will receive the respective amounts. However, for those whose line 20 falls below these thresholds, Montana residents will receive the exact total amount they entered on that line. For instance, if a single filer enters $1,000 on line 20, they will receive a $1,000 rebate.
Don’t miss out on this fantastic opportunity to reclaim your hard-earned money! Make sure to fulfill the necessary requirements and file your tax returns accordingly to receive your well-deserved tax rebates.