Residential property owners in the village of Montgomery can apply now to receive a $75 property tax rebate from the village.

Residents can access and complete an online rebate application form on the village’s website.

The deadline to complete the application is Feb. 28.

According to information on the website, village residents can accept the rebate in the form of a credit applied to their village utility bills or in the form of a paper check issued by the village.

The rebates are limited to village residential property owners only. Residents who are village utility customers only, including those in the unincorporated Boulder Hill subdivision, are not eligible for the rebates.

The village has offered the rebate program annually since 2015. The amount property owners can receive, however, was changed late last year from the $45 offered by the village in previous years to $75.

During a Dec. 12 meeting, a majority of Village Board members agreed to increase the rebates this year only to help residents cope with inflation.

The village established the rebate program as an inducement to village voters to approve a referendum in November 2014 that created a 1% retail sales tax to finance the village’s annual street maintenance and capital infrastructure program.

Over the past seven years, the cost to the village for the rebate program has been between $68,000 and $116,000, according to a memo from village staff. That cost, however, has been more than offset by the additional sales tax revenues generated by the tax, which is paid by village residents and those living outside the village who shop in local retail stores.

In voicing support for increasing the rebate for 2023, Village President Matt Brolley told the board that the village has the revenues on hand to cover the extra cost of the $75 rebates.