Homestead Credit (Circuit Breaker)

Wisconsin

2019

Benefit Varies with Income

Circuit Breaker

The benefit is a refundable state income tax credit for property taxes paid. It is determined by 2 brackets. For those with income at or below $8,060, the credit is 80% of up to $1,460 taxes paid, for a maximum credit of $1,168. For those with income above $8,060 but less than $24,680, the credit is equal to 80% of the amount by which property taxes exceed 8.785% of household income in excess of $8,060. These factors are indexed to inflation. Applications for credits on 2018 real estate tax bills must be filed with the Department of Revenue by 15 April 2023.

Credit to the income tax bill

Residential

Only residential property and up to 1 acre of surrounding land is eligible for this program. For a homestead that is part of a farm, up to 120 acres are eligible.

Age

Disability

Homeowner

Income Ceiling

Renter

Other Criteria

The claimant must be a homeowner or renter when filing the claim and must have resided in Wisconsin for previous whole prior year when filing the claim. The 2018 income ceiling for households filing in 2019 is $24,680. The claimant or claimant's spouse must meet one of the following criteria: (1) must be 62 years of age or older by the last day of the year before the claim is filed; (2) must be disabled; or (3) must have earned income during the year. The claimant must be over 18 years of age but not claimed as a dependent during the year the to which the claim relates, unless the claimant is 62 years of age or older. To be eligible, the claimant may not be receiving the veterans and surviving spouse property tax credit or a farmland preservation credit for the same year.

Local government is unable to exercise an option

No local option regarding program features

State reimburses all of the local government tax loss

Benefits is refundable if the credit exceeds the taxpayer’s state tax liability.

WI101_RR19