Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Taxpayers receive a credit equal to $8,000 times the millage rate for county, state, school, and city taxes. This amount is deducted directly from the homeowner's tax bill and is not refundable.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
Eligible taxpayers must own their home and qualify for a homestead exemption.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
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
Subject to annual appropriation, the state reimburses local governments for the cost of providing the credit.