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. Applications for credits on 2016 real estate tax bills must be filed with the Department of Revenue by 15 April 2021.
How is Benefit Disbursed
Credit to the income tax bill
Eligible Property Type
Characteristics of Eligible Property
Only residential property and up to 1 acre of surrounding land 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 Wisconsin for the whole year of the claim and own or rent the property when filing the claim. The income ceiling for households in 2016 was $24,680. 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 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.
Wisconsin Department of Revenue Application (EZ form) for Homestead Credit (FY 2016) [https://www.revenue.wi.gov/DORForms/2016-ScheduleH-EZ.pdf Accessed 05/07/2018] View Archived Source
Wisconsin Department of Revenue Homestead Tax Credit Program Summary (FY 2016) [https://www.revenue.wi.gov/DORReports/2016hmsted.pdf Accessed 05/07/2018] View Archived Source
Wisconsin Department of Revenue H & H-EZ Homestead Credit Instructions 2016 (filing in 2017)[https://www.revenue.wi.gov/DORForms/2016-ScheduleHandH-EZ-inst.pdf Accessed 08/31/2018] View Archived Source
2017 Wis. Sess. Laws no. 59 §1121