Some relief could be coming for Montana homeowners this year. Governor Greg Gianforte recently reiterated his administration’s priorities which include sending property tax rebates from Montana to eligible homeowners.
Property Tax Rebates From Montana: How Much To Expect
On Wednesday, in his State of the State address, Gov. Gianforte called on legislators to improve Montana’s economy by effectively using the state’s unprecedented $2.6 billion budget surplus. Moreover, the governor reiterated his administration’s priorities, including property tax rebates and permanent, long-term income tax relief.
“And this week, we saw that our plan enjoys widespread support. Hardworking Montanans deserve relief, and they deserve it without delay,” Gov. Gianforte told reporters.
Highlighting the elements of his budget, Gov. Gianforte revealed plans to offer $1 billion in property and income tax relief to residents. Specifically, Gov. Gianforte wants to offer homeowners $2,000 in property tax rebates over this year and next.
Gianforte’s proposal to send property tax rebates from Montana received widespread support, including from seniors, businesses and local leaders. The governor appreciated the bipartisan group of seven legislators, who voted to move forward with the proposal to send the property tax rebates.
Along with proposing $500 million for property tax rebates from Montana, Gov. Gianforte also proposed reducing the top income tax rate, a child tax credit and paying the state’s $118 million in bonded debt.
As well, the governor urged lawmakers to approve bills to further reduce business taxes and government red tape. Gov. Gianforte wants bills that encourage more innovation in education, as well as eliminate licensing barriers to make it easier for credentialed healthcare workers to work in the state.
Gov. Gianforte’s proposal also sets aside $200 million to assist developers in reducing the cost of new housing projects by paying for sewer and water service.
Other Proposals Under Consideration
Although Gov. Gianforte’s proposal enjoys widespread support, it is not the only proposal that lawmakers are considering. Earlier this week, a group of Republicans came up with a proposal that includes paying off $100 million of state debt, as well as setting aside $275 million for property tax rebates and $1 billion for the income tax rebate.
Democrats, on the other hand, prefer targeted relief to low- and middle-income residents and renters, as well as directing more money toward childcare, affordable housing and expanding the child tax credit.
Democrats want $500 million for a workforce housing trust fund to ensure affordable housing. Also, they want to offer incentives to landlords so that they can lower rent.
“The governor says that business has grown in Montana, bringing new jobs, but business can’t thrive when they cannot find the staff. What good are new jobs if people can’t afford to live where they work?” Rep. Shannon O’Brien said.
This article originally appeared on ValueWalk
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
