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Tax Summary
- Montana has ten different tax brackets ranging from 2% to 11% depending upon how much you earn.
- Personal exemption for a single individual is $1,780. Exemption for a married couple is $3,560. Dependents earn an exemption of $1,780 each.
- The standard deduction is 20% of Montana gross income.
- There are about two dozen individual income tax incentives in Montana.
- There is no Montana state sales tax.
- Property taxes are assessed on real property and livestock, machinery, motor vehicles, and business equipment.
- Property taxes are determined by a formula based on property value, tax rates, and millage levies determined by local city and county governments and school districts.
- All residential properties receive a percentage exemption each tax year. This increases each year until it hits 34% in 2008, where it remains constant.
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