What is the real property tax credit?
The real property tax credit may be available to New York State residents who have household gross income of $18,000 or less, and pay either real property taxes or rent for their residences. If all members of your household are under age 65, the credit can be as much as $75. If at least one member of your household is age 65 or older, the credit can be as much as $375.
Do I qualify for this credit?
To qualify for the real property tax credit, you must meet all of these conditions for the tax year:
- Your household gross income was $18,000 or less.
- You occupied the same New York residence for six months or more.
- You were a New York State resident for the entire tax year.
- 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.
- Additionally, you must 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.