Qualifications for the Homestead Tax Credit Program
- You must be at least 65 years old or permanently and totally disabled.
- If you are claiming exemption due to a disability for the first time, you must provide an affidavit showing the facts of your condition.
- You must own and reside in your home by February 1st of the tax year.
- Your assets may not exceed $500,000, including the value of your homestead of any assets gifted or divested within the last 3 years.
- Your total household income cannot exceed $42,000 after deducting out of pocket medical expenses.
- The total amount of the credit depends on your annual income:
If your income is | Taxable value is reduced by | Maxiumum reduction of taxable value* | Maximum reduction of true & full value |
|---|---|---|---|
$0-22,000 | 100% | $5,625 | $125,000 |
$22,001-26,000 | 80% | $4,500 | $100,000 |
$26,001-30,000 | 60% | $3,375 | $75,000 |
$30,001-34,000 | 40% | $2,250 | $50,000 |
$34,001-38,000 | 20% | $1,125 | $25,000 |
$38,001-$42,000 | 10% | $563 | $12,511 |
*Taxable value is 4.5% of the True and Full value.
View the Homestead Tax Credit brochure.
View and print the Homestead Tax Credit application.