Gov. Approves $120M Permanent Property Tax Relief to Montana Homeowners

Governor Greg Gianforte recently signed into law new legislation that gives up to $1,350 in property tax rebates to homeowners over the next two years. As well, the governor has approved a new law that will offer permanent property tax relief to Montana homeowners over the next several years.

Permanent Property Tax Relief To Montana Homeowners: What Is It?

On Thursday, Governor Gianforte and Representative Llew Jones (R-Conrad) celebrated a new law (House Bill 587) that gives more than $120 million in permanent property tax relief to Montana homeowners. It is claimed to be the “largest permanent property tax relief bill of the session.”

“Working with Rep. Jones, we got a fiscally responsible, creative solution across the finish line to reduce the burden of property taxes over the long term,” Gov. Gianforte said in a press release.

Specifically, HB587 creates a special revenue school equalization and property tax reduction account. The new law directs part of the school equalization local tax levies revenue to the newly created account.

“Because it buys down local permissive mills, it will ultimately serve as a permanent property tax cut beginning next year and growing each additional year,” Rep. Jones said.

Further, the governor noted that they secured more than $470 million in property tax relief this session, including this permanent property tax relief to Montana homeowners and the other property tax rebates for two years.

Other Property Tax Relief Measures

Last week, Governor Gianforte and Representative Tom Welch (R-Dillon) celebrated a new law (House Bill 222) that offers up to $1,350 in property tax rebates to homeowners over the next two years.

“Property taxes are too high, which is why we prioritized and secured immediate property tax relief for Montanans this legislative session,” the governor said last week.

At the time, the governor hinted at providing permanent property tax relief to Montana homeowners, saying, “It’s time to build on reforms to reduce the burden of property taxes over the long term.”

Sponsored by Rep. Welch, HB222 offers a property tax rebate of up to $675 to homeowners in both 2023 and 2024 at their primary residence. For each of the two years, the rebate amount is the property taxes paid on a principal Montana residence, with a cap of $675.

For example, if a resident paid $500 in property taxes, they will get $500 in rebate; if they paid $800 in property taxes, they will get $675 in rebate.

“This bill is the cornerstone of change going forward,” Rep. Welch said.

Montana homeowners will have to claim this rebate. This year’s rebate can be claimed beginning Aug. 15, 2023, while the deadline is Oct. 1, 2023. Eligible residents will get the rebate in the form of a paper check or direct deposit.

Visit getmyrebate.mt.gov for more information on the property tax rebates to Montana homeowners.

This article originally appeared on ValueWalk

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