Residents of Montana may be eligible for stimulus checks in the form of tax tax rebates. The deadline to apply is by October 1st, 2024. Governor of Montana Greg Gianforte has signed off on property tax rebates worth $675 for eligible residents. The rebates come with a growing trend of states nationwide offering stimulus checks to citizens nationwide to address the rising cost of living in a post-COVID19 world.
If you paid 2023 property taxes, you could be eligible
Rising cost of living continues to be a problem nationwide. With expenses increasing and salaries remaining stable, people are feeling the pressure to meet ends meet as basic necessities become increasingly unaffordable. Montana currently sits on the cusp of the national average cost of cost of living, being just 2.2% over the national average. Despite this comparison, residents are growing increasingly worried about money matters.
Gov. Giantforte signed in the House Bills 222 and 816 to provide much needed monetary relief. To be eligible to receive property tax rebates from these bills, you must have paid property tax on your principle residence for the 2023 tax year. The rebate is capped at $675. If you paid property taxes for less than this, you will receive a full refund of your tax. However, if your tax was more, you will only receive $675.
Homeowners only need to have lived in their residence for less than a year
Further qualifying criteria entails that you must have owned your primary residence in Montana for a minimum of seven months. Additionally, your home must not have been left standing empty once acquired. You must have lived in this primary residence for at least seven months too. Additionally properties are not open to this rebate. If you own property in Montana but it is not your primary residence, you will not be able to claim the rebate.
Gov. Giantforte encourages residents to claim their property tax rebate. Stimulus checks are a way to offer immifiate relief to residents while allowing for increased spending in the economy. “Property taxes are too high,” says Gov. Gianforte in a statement, “which is why we prioritized and secured immediate property tax relief for Montanans this legislative session”.
Unfortunately for renters, properties owned by an entity, or irrevocable trusts are will not be able to claim the tax rebate. From the start of 2024, rental costs are continuing to slowly decline. However, renter rates are still at a historically all-time high. The average rental cost across all rental types is sitting just below 7%. Over half of renters nationwide spend at least 30% of their income on rental costs.
Payments can be expected within 30 days of filing
The final day to submit a rebate file with the Montana Department of Revenue is October 1st, 2024. If you file online, you can expect a speedy service delivery where your rebate will be paid within 30 days. For those who prefer to submit a paper claim, the wait and processing time is longer. Payments will be made within 90 days of submission.
Currently, residents of Montana are most concerned about property taxes and affordable housing according to a poll by Middle Fork Strategies and conducted by Searchlight Research. Residents seem to feel that rising prices can be attributed from those moving to Montana from out-of-state looking for a more affordable cost of living. Gov. Giantforte also seems to be in the line of fire for not implementing legislation to improve the circumstance.
As the world beings to slowly recover from COVID19, it will be interesting to see how long it takes for cost of living and properties costs to stabilize. Thankfully, legislators appear to be making moves ease the current financial difficulty.
