Montana prorates property tax based on the number of calendar months remaining when the property enters the state: You can get applications from your local county office. Subscribe for Updates on COVID-19’s Impact to the Department of Revenue. I have been looking at a property in the Greater Kalispell area (Somers) and had figured on property tax and income tax, but now I have to add the auto and trailer tax before I can figure out if I can afford to live in Montana. There is no Montana Inheritance/Estate Tax*, however, Montana’s estate tax and trust tax is applicable to a fiduciary, who files and pays income tax on behalf of the trust or estate. We assess personal property on the combined value of all personal property located in the state, by taxpayer ID. When you buy an expensive item of personal property like a top-grade motorhome or RV, the sales tax can be enormous. The Montana revenue system is outdated and just flat out unfair. Bozeman Real Estate, giving you the advantage…. 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. “Rather than sales taxes, Montana depends more on income taxes to raise the money the state government needs to operate.”. 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. Among US states levying a corporate income tax, Montana was 21st in 2019, (up 4 spots from 2018, but down 12 spots from 2020!) We understand COVID-19 impacts all aspects of our community. If you have been impacted by COVID-19 and are facing hardships, we will work with you to find a solution. We are continually reviewing due dates and deadlines. For purposes of comparison, note that in recent years Montana has taxed personal income at marginal rates ranging from 1.0% to 6.9%. Furniture, Fixtures, and Miscellaneous Equipment, Montana Personal Property Data Report Guide (PDF, 414 KB), Chapter 42.21 of the Administrative Rules of Montana, COVID-19 Federal Stimulus Payments to Individuals are Tax-Free, Individual Income Tax Deadline Extended to July 15, Public Targeted in COVID-19 Stimulus Scam, How to Reschedule an Individual Income Tax Payment, Paycheck Protection Program (PPP) Tax and Deduction Clarifications, Net Operating Loss Changes Due to COVID-19, Nonuse During COVID-19 Fact Sheet (PDF, 123 KB), Phase 2 Guidelines for Bars and Restaurants, Phase 1 Guidelines for Bars and Restaurants, Temporary Process Modifications Due to COVID-19, Revenue Distribution to Local and Tribal Governments, All other property not included in any other property class. According to fiscal year 2019, Montana state taxes on property totaled over $125 million in revenue. Montana prorates property tax based on the number of calendar months remaining when the property enters the state: Personal property that leaves the state during the same calendar year might be eligible for a prorated property tax refund. The Department of Revenue does not bill or collect personal property tax. The purchase price is the amount of the past-due taxes plus whatever premiums the county adds. We use the Personal Property Depreciation Schedules and Trend Tables to value taxable tangible personal property. Montana State Property Tax* and Montana Local Property Tax* (thirty-seven other states levy both taxes, too.) Counties in Montana collect an average of 0.83% of a property's assesed fair market value as property tax per year. Sources: This data is based on a 5-year study of median property tax rates on owner-occupied homes in Montana conducted from 2006 through 2010. Montana is a relatively taxpayer-friendly state. Montana’s top rate, 6.9%, is levied when a person’s income is beyond ~$14,900. During the three years prior, it remained at 9th, at a per capita rate of $1465. *Taunya Fagan Bozeman Real Estate, Brokers, Agents, or ESTATE House does not advise on any tax requirements or issues. One offers more businesses an exemption from personal property taxes. As of today, more than 5,000 local jurisdictions in the U.S. levy some form of personal property tax. • Legal Disclaimer & Privacy Policy •. See the Montana Personal Property Assessment Fact Sheet for more details. (Mississippi refers to its tax as an ad valorem tax, the term usually associated with property taxes.) One of our employees might visit your business, agricultural operation, or field site to make sure our information is accurate and answer your questions. Exporting and Importing an Excel Spreadsheet from TAP. 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