Variations in Receipt of Benefit : Benefit:
Benefit Varies with Income
How is Benefit Disbursed:
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.
Characteristics of Eligible Property:
Credit to the income tax bill
Description of Eligibility Criteria:
Only residential property and up to 1 acre of surrounding land is eligible for this program.
Local Option Regarding Program Features:
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.
State Funding for Local Tax Loss:
No local option regarding program features
Description of State Funding for Tax Loss:
State reimburses all of the local government tax loss
Local Option in Adoption of Program :
Benefits is refundable if the credit exceeds the taxpayer’s state tax liability.
Source State Statutes:
Local government is unable to exercise an option
Wis. Stat. § 71.07 (4); Wis. Stat. § 71.51 ~ § 71.55 (in effect for 2017)
2017 Wis. Sess. Laws no. 59 §1120;
2017 Wis. Sess. Laws no. 59 §1121