If you are an income tax payer, or property tax payer, in Montana, chances are you have money coming your way.

The Montana State Legislature has approved, and the Governor has signed, bills that will be delivering the biggest tax reductions and rebates in Montana history – – $500 million worth.

So how much do you get and how do you go about getting it?

The process is being handled by the Montana Department of Revenue.

Income Tax Rebate as provided for by HB- 192.

If you lived and worked and paid income taxes in Montana in 2021 you will get a rebate on your income taxes of up to $1,250. If you didn’t pay that much in income taxes you will get a refund on what you did pay. All you have to do is sit back and wait for your refund – sometime in July, probably. All the rebates are to be disbursed by the end of the year.

Those eligible for up to $1,250 rebate are single taxpayers, heads of household or married taxpayers who filed separately. Married couples who filed jointly are eligible for up to twice that amount or $2,500.

Part time residents or people late in paying their taxes will not be eligible for the refund.

The rebate will be sent either electronically or by mail, depending on how you, most recently, paid your taxes or received your refund. The rebate will be sent to the bank account information listed on your most-recently filed Montana Form 2. . If you elected to receive your refund by a paper check or paid your tax bill by check, the rebate will be mailed to the address on your most-recently filed Montana Form 2.

Property Tax Rebate as provided for by HB-222

Home owners in the state who paid property taxes on their principle residence in 2022, and who will do so again in 2023 will receive a rebate of up to $500 for each year. The 2022 rebate is applicable to November 2022 and May 2023 payments, and the 2023 rebate is applicable to November 2023 and May 2024 payments.

Those who qualify for property tax rebates are those who owned and lived in a Montana property as their principal resident for at least seven months of each year and were assessed and paid property taxes on the residence within that rebate time frame.

It takes a little effort to get your property tax rebate.

Taxpayers may claim the 2022 rebate online through the TransAction Portal or by paper form beginning August 15, 2023. The claim must be filed by October 1, 2023. The portal is on the Montana.gov website (https://tap.dor.mt.gov/_/)

Taxpayers may claim the 2023 rebate online through the TransAction Portal or by paper form beginning August 15, 2024. The claim must be filed by October 1, 2024.