Montana Elderly Homeowner/Renter Credit

The Montana Elderly Homeowner/Renter Credit helps older Montanans with the property taxes or rent they paid on their home. It is a refundable credit worth up to $1,150. Refundable means you can get money back even if you owe no state income tax. Both homeowners and renters can claim it.

You may qualify if you were 62 years of age or older as of December 31 of the year you are claiming. You must also have lived in Montana for at least nine months that year. And you must have rented, owned, or leased a home in Montana for at least six months.

There is an income limit. Your total household income must be less than $45,000 to qualify. Renters count too, because the program uses a rent-equivalent amount in place of property tax when it figures a renter's credit.

Claim the credit on the Montana Individual Income Tax Return, Form 2, along with Schedule 2EC. You can file for free in the Department of Revenue's TransAction Portal, or TAP. You can claim it even if you are not otherwise required to file an income tax return.

The exact amount is set by a formula. It is based on your household income, your rent, and your property tax. The credit is worth up to $1,150. For a person in a care facility, only the actual out-of-pocket rent counts, not the cost of staff services.

Many older Montanans miss this credit because they no longer file taxes. Do not assume you cannot claim it. If you are 62 or older, meet the income limit, and paid rent or property tax, file Form 2 with Schedule 2EC. Dial 2-1-1 for a free tax-preparation site that can help you file.