Tax Breaks for Montana Property Owners
Being a property owner in Montana is a dream for many people, with the sprawling landscape and countless outdoor activities available right in your backyard, Montana is a great place to live!
If you already own a home in Montana, or are thinking about buying a home here, there are some assistance programs and tax breaks that you should know about!
Property Tax Assistance Program
The Property Tax Assistance Program (PTAP) was created for property owners who need help paying off their taxes, which can be quite high considering the amount of land that you can purchase in Montana.
PTAP is designed to assist citizens of Montana who are on a limited or fixed income. PTAP provides this assistance to these individuals by reducing the property tax rate that is on the house.
This program, however, is limited in how much assistance they can offer. PTAP only applies to the first $200,000 of the primary residence’s market value. Factors that can influence this number are marriage status and income or salary.
What is the Property Tax in Montana?
The property tax in Montana varies, however statistically it is under the national property tax average.
The average tax for property in Montana is 0.85%, which comes in underneath the national average which sits at an average of 1.19%.
The reason that Montana is below national averages is because the state aims to help its citizens, and has created the property tax system with homeowners in mind.