15-30-2340. Residential property tax credit for elderly — computation of relief. The amount of the tax credit granted under the provisions of 15-30-2337 through 15-30-2341 is computed as follows:

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Terms Used In Montana Code 15-30-2340

(1)In the case of a claimant who owns the homestead for which a claim is made, the credit is the amount of property tax billed less the deduction specified in subsection (4).

(2)In the case of a claimant who rents the homestead for which a claim is made, the credit is the amount of rent-equivalent tax paid less the deduction specified in subsection (4).

(3)In the case of a claimant who both owns and rents the homestead for which a claim is made, the credit is:

(a)the amount of property tax billed on the owned portion of the homestead less the deduction specified in subsection (4); plus

(b)the amount of rent-equivalent tax paid on the rented portion of the homestead less the deduction specified in subsection (4).

(4)Property tax billed and rent-equivalent tax paid are reduced according to the following schedule:

Household income Amount of reduction
$0 - $999 $0
$1,000 - $1,999 $0
$2,000 - $2,999 the product of .006 times the household income
$3,000 - $3,999 the product of .016 times the household income
$4,000 - $4,999 the product of .024 times the household income
$5,000 - $5,999 the product of .028 times the household income
$6,000 - $6,999 the product of .032 times the household income
$7,000 - $7,999 the product of .035 times the household income
$8,000 - $8,999 the product of .039 times the household income
$9,000 - $9,999 the product of .042 times the household income
$10,000 - $10,999 the product of .045 times the household income
$11,000 - $11,999 the product of .048 times the household income
$12,000 & over the product of .050 times the household income
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