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.
You may be entitled to this credit if you meet the conditions below for tax year 2014.
- Your household gross income is $18,000 or less.
- You occupied the same New York residence for six months or more.
- You were a New York State resident for all of 2014.
- You could not be claimed as a dependent on another taxpayer’s federal income tax return.
- Your residence was not completely exempted from real property taxes.
- The current market value of all real property you owned, such as houses, garages, and land, was $85,000 or less.
- You must also meet all the conditions listed under either Homeowners or Renters below:
- You or your spouse paid real property taxes.
- Any rent you received for nonresidential use of your residence was 20% or less of the total rent you received
- You or a member of your household paid rent for your residence.
- The average monthly rent you and other members of your household paid was $450 or less, not counting charges for heat, gas, electricity, furnishings, or board.
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.