Department of Revenue reminds property owners of upcoming important deadlines
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News from the Dept. of Revenue
HELENA – The Montana Department of Revenue would like to remind owners of real and personal property about several important deadlines approaching soon:
March 1 Due Date
Business and industrial equipment owners need to report their personal property online with the department’s TransAction Portal (TAP) at https://tap.dor.mt.gov. Businesses have a statutory reporting requirement if their total statewide market value of equipment is over $1 million.
Businesses whose statewide market value is $1 million or less are exempt from the business equipment tax. These businesses do not have a reporting requirement in 2024 unless: (1) they have acquired new personal property that would increase their equipment’s statewide market value above the exemption amount; or (2) the department requests a personal property reporting form be completed.
Livestock owners have to report the number of livestock owned as of February 1 as livestock is subject to the per capita fees set yearly by the Board of Livestock. Report online with the department’s TransAction Portal (TAP) at: https://MTRevenue.gov/livestock.
Nonprofit, religious, or charitable organizations and other tax-exempt entities may qualify for a real or personal property tax exemption based on the specific use of the property. If you feel your organization may qualify, Property Tax Exemption applications must be submitted by March 1 to be considered for Tax Year 2024.
Homeowners may qualify for the Land Value Property Tax Assistance program if the department’s appraised market value of their land is more than 150 percent of the department’s appraised market value of their home and other improvements on the land.
April 15 Due Date
The Property Tax Assistance Program (PTAP) provides property tax relief to anyone who meets the qualifications and there is no age restriction. To qualify for this program, taxpayers must own and occupy their home as their primary residence and meet the income requirements. Legislative changes to the program for Tax Year 2024 include higher qualifying income levels and an increase in the amount of property market value eligible for the tax assistance from $200,000 to $350,000.
Montana Disabled Veteran (MDV) Property Tax Relief provides assistance to qualifying 100 percent disabled veterans or the unmarried surviving spouses of deceased veterans who were 100 percent disabled. The taxpayers must own and occupy their home as their primary residence and meet income requirements. Similar to PTAP for Tax Year 2024, the MDV program has higher qualifying income levels.
For applications and forms, taxpayers are encouraged to go online to MTRevenue.gov or contact a Department of Revenue field office. For questions and more information about qualifications, visit revenue.mt.gov, or call us at 406-444-6900, or Montana Relay at 711 for hearing impaired.
