Variations in Receipt of Benefit
Benefit Varies with Income
Minimum Tax Amount Must be Paid
Other Variation in Receipt of Benefits
The refundable credit is 50% of the property taxes in excess of the threshold amount. The benefit paid in 2019 based on 2018 income is determined by sliding scale of relief with 7 brackets and thresholds ranging from 3.5% if income is under $3,000 to 6.5% if income is $14,001 to $18,000. For claimants under 65, maximum benefit ranges from $75 if income under $1,000 to $41 if income $17,000-$18,000. The benefit paid in 2018 based on 2017 income is determined by sliding scale of relief with 7 brackets and thresholds ranging from 3.5% if income is under $3,000 to 6.5% if income is $14,001 to $18,000. For claimants under 65, maximum benefit ranges from $75 if income under $1,000 to $41 if income $17,000-$18,000. For seniors, the maximum benefit ranges from $375 if income is under $1,000 to $86 if income is $17,001 to $18,000. Benefits are disbursed as a credit to the income tax, or as a refund if the benefit exceeds the income tax liability. Maximum property value considered is $85,000 (includes all real estate owned). For New York City, program is now reported as a stand-alone program.
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.
Property Value Limit
Description of Eligibility Criteria
Homeowners or spouses must have paid real property taxes, having lived in the state for a year and in the same residence for 6 months or more. Value of the property may not exceed $85,000 (includes all real estate owned) and consist of no more than 1 acre. For renters 25% of the adjusted rent is considered to be the real property tax equivalent. The average monthly rent paid by household must be $450 or less, not counting charges for heat, gas, electricity, furnishings, or board. Income for individuals both over and under 65 years of age cannot exceed $18,000.
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
The state disburses benefits directly to the claimant through an income tax credit or direct rebate if the benefit exceeds income tax liability.
Department of Taxation and Finance, Instructions for Form IT-214 - Claim for Real Property Tax Credit for Homeowners and Renters, 2017 (filing in 2018)
[https://www.tax.ny.gov/pdf/current_forms/it/it214i.pdf accessed 02/07/2019]
View Archived Source
Department of Taxation and Finance, Claim for Real Property Tax Credit for Homeowners and Renters - (2018)
[https://www.tax.ny.gov/pdf/current_forms/it/it214.pdf accessed 02/07/2019]
View Archived Source
[http://www.tax.ny.gov/pit/credits/real_property_tax_credit.htm Accessed on 07/17/2018]