Starting August 15, approximately half a million Americans will be able to request a property tax refund in Montana, which can reach up to $675. This benefit comes at a crucial time for many homeowners in the state, who face the rising cost of living.
The rebate is available to all homeowners in Montana, who must meet a number of requirements to qualify. According to Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, “Given that the cost of owning and renting a home has increased significantly in recent years, a property tax cut comes at an ideal time” for Montana taxpayers who need a boost to their earnings. The rebate requirements are easier to meet than those in other states.”
What You Need to Know About New Tax Refund in Montana
To apply for reimbursement, residents must provide their Social Security number, as well as the Social Security numbers of their spouses and dependents, if applicable. They must also submit the geocode of their primary residence for 2023 and the total amount of property taxes they paid, information that appears on the applicable property tax bill.
The state has decided to mail checks instead of making direct deposits due to previous problems with scammers. Jason Slead, communications director for the Montana Department of Revenue, told local station KGVO: “What we discovered last year was that there are some scammers out there trying to take advantage of people, so direct deposit was an issue of concern, and we don’t want to deal with scammers. That’s why we decided to send you your refund by mail,” he added.
This change seeks to protect taxpayers and avoid problems with fraud, although it also means that beneficiaries will have to pay attention to their mailboxes instead of waiting for notifications through their banking applications. “Maybe the only drawback to this is not the amount taxpayers might receive, but how they will receive it,” Beene added. “Due to fraud concerns, refunds will not be issued via direct deposit and will only be issued by check.“
Amounts and Types of Eligible Residences
The amount of the refund varies depending on the property taxes the recipient has paid. The state has established that the refund will be $675 or the total amount of taxes paid, if this is less than $675. For example, if an applicant paid $425 in property taxes, they will receive a refund of $425. Those who paid more than $675 will receive the maximum allowed of $675.
Residences eligible for the rebate include a wide range of properties: single-family units, apartments, condominiums, trailers, manufactured homes and mobile homes. To qualify, applicants must have owned the residence in Montana for at least seven months in 2023 and lived in it for the same period. Additionally, they must have paid property taxes.
All applications must be submitted by October 1, 2024. The state has indicated that refunds will be issued within 30 days of submitting the application. Therefore, residents must ensure they meet the deadlines to receive the refund in a timely manner.
