Montana Code Annotated 1997

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     15-30-176. Residential property tax credit for elderly -- computation of relief. The amount of the tax credit granted under the provisions of 15-30-171 through 15-30-179 is computed as follows:
     (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
     
     (5) The credit granted may not exceed $1,000.

     History: En. Sec. 6, Ch. 584, L. 1981; amd. Sec. 2, Ch. 134, L. 1983; amd. Sec. 11, Ch. 574, L. 1995; amd. Sec. 3, Ch. 543, L. 1997.

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