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.
Characteristics of Eligible Property:
Credit to the income tax bill
Description of Eligibility Criteria:
Only residential property 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 the property for a year when filing the claim. The income ceiling for households in 2015 was $24,680.
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 2015)