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Real Property Tax Credit for Homeowners and Renters

New York offers a refundable property tax credit designed to assist low and moderate income taxpayers, particularly the elderly, to offset property tax costs by allowing a credit against their personal income tax liability for a portion of these costs. The credit is available to renters as well as homeowners and is refundable if it exceeds the taxpayer’s personal income tax liability.

Eligibility

You may be entitled to this credit if you meet the conditions below for tax year 2014.

Homeowners:

Renters:

Benefits

The maximum credit is $375 for households with at least one person over 65 and $75 for other taxpayers.

How to Apply

To claim the credit, you must complete New York State tax form IT-214. You may file the IT-214 even if you do not have to file a state tax return due to lack of earned income or any other reason.

NYS Tax Forms

Forms and instructions are available on the New York State Department of Taxation and Finance website.