Margaret, a retired schoolteacher living on a fixed income in Billings, Montana, asks her real estate agent about any property tax relief programs available to her. Which Montana-specific program should the agent mention as potentially available to qualifying elderly homeowners?
Correct Answer
B) Montana Elderly Homeowner and Renter Credit
Montana provides the Elderly Homeowner and Renter Credit under MCA Title 15, which offers a refundable income tax credit to qualifying elderly residents (generally age 62 or older) with limited income who pay property taxes or rent. This is a Montana-specific program that agents should be aware of when advising elderly clients on property tax relief.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
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- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
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- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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