Montana Elderly Homeowner/Renter Credit
The Montana Elderly Homeowner/Renter Credit is a property tax relief program designed to assist elderly residents who are 62 years of age or older. This credit is refundable, meaning that if the credit exceeds the amount of tax owed, the difference is refunded to the taxpayer.
Eligibility Requirements
- Must be 62 years of age or older as of December 31 of the tax year.
- Must have lived in Montana for at least nine months during the tax year.
- Must have occupied a Montana residence (as a renter, owner, or lessee) for at least six months during the tax year.
- Total household income must be less than $45,000 for the year.
Benefit Amount
The credit provides a refundable tax credit of up to $1,150. The actual amount is calculated based on household income, rent, and property tax. The credit is available even if the individual does not have to file an income tax return.
How to Claim the Credit
- File the Montana Individual Income Tax Return (Form 2).
- Claim the credit on Line 16 of Form 2.
- Include the credit in the refundable credits section (Line 8) if applicable.
- Apply for the credit through the TransAction Portal for free.
Important Notes
- The credit is available to both homeowners and renters.
- It is a refundable credit, so it can result in a refund even if no tax is owed.
- Household income includes all members living in the household.
Source:
Montana Individual Income Tax Return Form 2 Instructions
Form EST-I
Individual Income Tax FAQ
Disclaimer: Always verify details with official forms and instructions from the Montana Department of Revenue or Federal IRS. OLT (Online Taxes) provides guidance based on retrieved context and does not guarantee accuracy for individual cases.