Montana is #21 in excise tax collection per capita, collecting an average of $550/person (most current data from 2016). During the three years prior, it remained at 9th, at a per capita rate of $1465. The State of Montana does not levy a “Transaction,” “Use” or “General” Sales Tax* on the individual Montana consumer. You can make payments online using the TransAction Portal (TAP), or find your payment voucher in My Revenue. Part of your vehicle's registration fee may include a personal property tax depending on the state in which you live. Personal property brought into Montana at any time during the year is subject to property tax. If we can identify a company owning at least 50% of another entity, we combine the personal property tax value under the parent company’s taxpayer ID number. Stimulus payments are being issued by the IRS. Local property taxes in Montana are higher than Montana’s state property tax. There are no sales taxes in Big Sky Country and property taxes are below the national average, with an average effective rate of just 0.83%. If you have been impacted by COVID-19 and are facing hardships, we will work with you to find a solution. The average effective property tax rate paid by homeowners is 0.84% across the state. Montana prorates property tax based on the number of calendar months remaining when the property enters the state: (2) The statement must provide pertinent information about each item of personal property, including the year acquired, acquired cost, … Many states, including Montana, have adopted the Uniform Probate Code (UPC) in an attempt to standardize and simplify the probate process. As of today, more than 5,000 local jurisdictions in the U.S. levy some form of personal property tax. Please read our Montana Personal Property Data Report Guide (PDF, 414 KB) for more information on how to download summarized information for all of the personal property records that make up an aggregation group. In 2020, Montana is ranked 8th best “Overall Tax Burden” at 7.22%, Tax Foundation and WalletHub. Throughout this event, we will work hard to keep you updated on the impact COVID-19 has on taxation, alcoholic beverage control, and property assessment. The Federal Income Tax, however, does allow a personal exemption to be deducted from your gross income if you are responsible for supporting yourself financially. The state does have a personal income tax, though, with rates ranging from 1% to 6.9%. Your county treasurer bills and collects personal property tax. The property assessment division of the Montana Department of Revenue is responsible for administering Montana’s property tax laws, including the valuation and assessment of real and personal property throughout the state for property tax purposes. For purposes of this report, we assumed that the term “motor home” refers to a type of motor vehicle that has living accommodations, can be driven from place to place on public highways, and is licensed and registered as a motor vehicle. In 2019, Montana ranked #6, at 40.6% in the nation in Federal Aid Dependence, and in 2014, Montana ranked fourth, at 39.1%. Montana’s top rate, 6.9%, is levied when a person’s income is beyond ~$14,900. Severance taxes include licenses for metalliferous mines; mineral mining; oil and gas drilling and production; micaceous minerals licenses; coal mining and production; cement licenses. You asked which states impose a statewide property tax on motor vehicles. Montana rankw 29th in the average amount of property taxes collected, and 24th in property taxes as a percentage of median income. Probate is the administrative process of settling a deceased person's estate. The median property tax in Montana is $1,465 a year on a $176,300 home, according to Tax-Rates.org. A personal property tax is a levy imposed on a person’s property. Other states have lower property taxes with higher taxes on things like gas, sales or income. Montana has no personal exemption. See the Montana Personal Property Assessment Fact Sheet for more details. The other changes the … All real estate and personal property, such as an automobile, is subject to a property tax, but here again, seniors can claim exemptions. Detailed lists of equipment by category can be found on the Personal Property Equipment List: Please note: Property that has been “depreciated out” for income tax purposes is still taxable for property tax purposes. Any property you own, possess, or control at midnight on January 1 is taxable for that year. Montana Personal Income Tax* rate system is made up of seven individual brackets, from 1% to 6.9%. The state provides an exemption on all residential property that greatly reduces the property tax burden of residential homeowners. You must submit the application to the county commissioners of the county where we assessed the property and where you paid the personal property tax. In 2006, state property tax revenue was approximately $127 million and the per capita figure rose to $3,108, ranking the state 44th in the U.S, which, although a substantial increase in the state’s property tax, was a substantial decrease compared to almost all other states in 2006. The purchase price is the amount of the past-due taxes plus whatever premiums the county adds. The Montana Department of Revenue is unable to assist in securing your stimulus payment. Two major property tax law changes went into effect this year in Montana. property.mt.gov is down for maintenance.. We apologize for any inconvenience. Montana is ranked number twenty nine out of the fifty states, in order of the average amount of property taxes collected. with a burden of 3.44%. We understand COVID-19 impacts all aspects of our community. You are encouraged to seek professional tax advice for personal income tax questions and assistance. The amount of property t… You must also give us proof of tax payment to avoid double assessment. We assess personal property on the combined value of all personal property located in the state, by taxpayer ID. If you need help working with the department or figuring out our audit, appeals, or relief processes, the Taxpayer Advocate can help. Besides the applicable tax rate, you must consider any applicable millage rates. To see how other agencies have been impacted by COVID-19 go to COVID19.mt.gov. Personal property tax is charged on tangible personal property (not real estate) and is levied by the local taxing jurisdiction where the property is located on the assessed value of the property. However, there are 11 states that have very low property taxes, and 23 with no personal property tax on vehicles. Redeeming Montana’s Tax Defaulted Property If you buy a tax lien certificate, you earn 10 percent on your investment. 4.3 - Montana Dependent Deduction Unlike most states, Montana does not … • Copyright © 2021 — Montana Department of Revenue • All rights reserved. One of our employees might visit your business, agricultural operation, or field site to make sure our information is accurate and answer your questions. 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