The Montana Department of Revenue encourages Montana property owners whose homes are damaged or destroyed by flooding to apply for natural disaster property tax relief.
A property owner whose home or outbuildings are partially or totally destroyed by natural disaster, rendering the property unsuitable for its previous use, may be eligible for property tax relief. Businesses who lose their equipment to flooding or other natural disaster may also qualify.
The tax relief is prorated based on the number of days in the tax year that the property is unusable. The relief is available for the current tax year. The department asks property owners to complete Form AB-25 to apply for the property tax relief. They’ll need to complete the application by December 31, 2014. The form is available online at http://www.revenue.mt.gov or at all Revenue Department local offices.
“Flooding can be devastating and we are sorry for Montanans whose homes are damaged or destroyed by natural disaster and who suffer because of it,” said Revenue Director Mike Kadas. “This tax relief can be significant and help provide some relief as property owners recover from this season’s snow melt and dangerous flooding.”
The state’s natural disaster property tax relief also covers properties damaged by avalanche, wind or other natural event.
Montana property owners who experience a natural disaster-related loss of a dwelling also may be eligible for a federal income tax deduction. In addition, the department can issue replacement copies of property records, past-year tax returns or other revenue-related information that is lost in a flood or other natural disaster.
For more information, contact your local Revenue Department office. You can also visit the department’s website at http://www.revenue.mt.gov and click on the natural disaster relief link.
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