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Real Property Tax Credits for Homeowners and Renters

New York State 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 2015.

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 Claim for Real Property Tax Credit for Homeowners and Renters. Submit this form with your New York State tax return, Form IT-201. If you don’t have to file a New York return, but you qualify for this credit, just complete and file Form IT-214 to claim a refund of the credit.

New York City Enhanced Real Property Tax Credit for Homeowners and Renters

New York City residents may be eligible to claim a real property tax credit. The credit is available to renters as well as homeowners and is refundable if it exceeds the taxpayer’s personal income tax liability.

Eligibility

To qualify for this credit, you must meet all of these conditions for tax year 2015:

Homeowners:

Renters:

Benefits

The credit applies to excess real property tax (or adjusted rent) above a certain percentage of household income. The maximum credit is $500 for both homeowners and renters.

How to Apply

To claim the credit, you must complete New York State tax form NYC-208 Claim for New York City Enhanced Real Property Tax Credit for Homeowners and Renters. Submit this form with your New York State tax return, Form IT-201. If you don’t have to file a New York return, but you qualify for this credit, just complete and file Form NYC-208 to claim a refund of the credit.

NYS Tax Forms

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