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
Maximum reduction of taxable value*
Maximum reduction of true & full value
*Taxable value is 4.5% of the True and Full value.