Variations in Receipt of Benefit
Benefit Varies with Income
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.
How is Benefit Disbursed
Credit to the income tax bill
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
The individual must be a homeowner or renter and 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. The claimant must have resided in the property for a year when filing the claim. The income ceiling for households in 2015 was $24,680.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
Benefits is refundable if the credit exceeds the taxpayer’s state tax liability.