Montana Homestead Form
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What are the benefits of homesteading in Montana?
BY SIGNING A LEGAL DOCUMENT KNOWN as a homestead declaration, Montanans can protect up to $350,000 in equity of their home against most unsecured debts. Equity is the difference between what an owner owes on a mortgage and the current value of the home.
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Does Montana have a property tax exemption for seniors?
The Elderly Homeowner/Renter Credit is a Montana income tax credit up to $1,150 for seniors who rent or own a home in Montana, even if they don't make any income.
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Does Montana have a homestead tax exemption?
Montana homeowners may be eligible for a homestead exemption which allows a certain amount of their home's value to be exempt from property taxes. To qualify, the homeowner must have lived in the home as of January 1 of the tax year, and must be the owner of record or the contract holder of the home.
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What is the Montana Homesteading Act?
The Homestead Act of 1862 enabled thousands to claim land in Montana. This act offered 160 acres of public land to US citizens on the condition that they live on, cultivate, and improve it. They could then "prove up" and obtain a deed after five years. The first homestead claim was made near present-day Helena in 1868.
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What is the homestead allowance in Montana?
Homestead allowance. A decedent's surviving spouse is entitled to a homestead allowance of $22,500. If there is no surviving spouse, each minor child and each dependent child of the decedent is entitled to a homestead allowance amounting to $22,500 divided by the number of minor and dependent children of the decedent.
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