Libby to host property tax meeting; rebates available soon

Montana officials are hosting meetings about property assessment town halls to help citizens gain a better understanding of how it may affect future taxes.

The City of Libby’s Ponderosa Room, located at 952 E. Spruce St., will host a forum from 3 to 6 p.m. Thursday, July 13.

There are also live, on-line events that property owners may attend. For more information, visit MTRevenue.gov/PADTownHalls. The virtual meetings will be held July 12, July 17 and July 25.

According to information from the state Department of Revenue the real property classification and appraisal notices that have been mailed are not a tax bill. They are a determination of property market value for tax years 2023 and 2024.

State officials urge property owners to review the notice and information about property characteristics at property.MT.gov.

Officials also say because a property’s market value has increased in the last two years, it does not necessarily mean property taxes will increase.

Also, according to the state Department of Revenue, property tax rebates are available.

The rebates are available following Gov. Greg Gianforte's OK of the state's spending package earlier this year.

According to the Business and Income Tax Division, a new law provides for tax rebates for the 2022 and 2023 tax years.

Each rebate is $675 or an amount not to exceed the property taxes on a principal Montana residence for each year.

For example, a taxpayer who owed $500 in property taxes on a principal Montana residence in 2022, he or she would receive a $500 rebate.

If a taxpayer owes $1,200 in property taxes on a principal Montana residence in 2022, the taxpayer would receive a $675 rebate.

Qualifications

Each rebate is only available to taxpayers who were billed and paid Montana property taxes on their principal residence in each year.

To qualify, during each year, a taxpayer must have:

• Owned a Montana residence for at least seven month;

• Lived in the Montana residence for at least seven months;

• Had property taxes, including special assessments and other fees, billed on this residence, and

• Paid those property taxes on this residence.

For those who moved in either year, you may still claim a rebate if they owned and lived in a principal residence for at least seven consecutive months for the year of the rebate and were billed and paid property taxes on this residence.

Claiming a Rebate

Taxpayers may claim the 2022 rebate online through the state's TransAction Portal or by paper form beginning Aug. 15, 2023. The claim must be filed by Oct. 1, 2023. The state will begin accepting claims for the 2023 rebate on Aug. 15, 2024. The claim must be filed by Oct. 1, 2024.

Rebate Mailings

In July, taxpayers who owned residential property during tax year 2022 will receive a notice with eligibility information and how to claim the rebate.

Receipt of either notice does not necessarily mean a taxpayer is eligible for the 2022 Property Tax Rebate. It is recommended to read the letter to determine if they qualify for the 2022 rebate and how to claim it.

Rebates will be issued as claims are processed.

For more information, visit https://mtrevenue.gov/taxes/montana-tax-rebates/property-tax-rebate-house-bill-222/#1685721478931-e71f2885-f8b2.