Montana Property Tax Relief Deadline Approaching Next Week
Seize Your Chance: Montana Homeowners Urged to Act Before Tax Relief Deadline
Deadline Looms for Montana Homeowners Seeking Property Tax Relief
Time is running out for Montana homeowners to take advantage of crucial property tax relief programs. Governor Greg Gianforte is urging eligible residents to act swiftly, with the looming April 15 deadline for applications.
Governor’s Call to Action
Governor Gianforte emphasized the importance of these programs, underscoring his commitment to easing the burden of property taxes on Montanans. He lauded the collaborative efforts with the legislature to deliver tangible relief through property tax rebates and assistance initiatives.
Two Key Relief Programs
Montana homeowners have two avenues for property tax relief: the Property Tax Assistance Program (PTAP) and the Montana Disabled Veterans (MDV) Property Tax Assistant Program.
The PTAP program targets homeowners who meet specific criteria related to ownership, residency, and income. Eligible participants benefit from reduced property tax rates, with recent expansions increasing the market value threshold to $350,000 and adjusting income eligibility for Tax Year 2024.
Meanwhile, the MDV program extends relief to veterans with 100% disability, as well as surviving unmarried spouses of deceased or disabled veterans. Notably, income thresholds for this program have also been revised upwards for Tax Year 2024.
Addressing the Need for Relief
The urgency for property tax relief stems from a significant disparity between inflation rates and property tax growth over the past two decades. While inflation averaged 2.42% annually, property taxes surged at much higher rates, burdening homeowners across the state.
Governor Gianforte’s initiatives aim to counteract this trend. Notably, $120 million in permanent relief was approved through House Bill 587, accompanied by property tax rebates of up to $1,350 for primary residences over 2023 and 2024. These measures aim to mitigate the impact of rising property taxes on average homeowners.
Additionally, reforms to the property tax system, such as allowing payments in seven equal installments throughout the year, offer further respite. These changes mark a departure from the previous requirement of lump-sum payments in November and May.
A Long-Term Solution
Recognizing the need for sustainable solutions, Governor Gianforte established the Property Tax Task Force. This initiative seeks to address the root causes of escalating property taxes and devise strategies to curtail future increases. Through collaborative efforts and strategic planning, the task force aims to provide enduring relief to Montana homeowners.
Act Now
With the deadline fast approaching, eligible Montana homeowners are urged to explore these relief programs and submit their applications promptly. By seizing this opportunity, residents can alleviate the strain of property taxes and secure a more stable financial future.
