If you are 65 or over, you make take the credit against regular school property taxes assessed on your primary residence.
Note: Taxpayers must pay their property tax bill in full by the end of each tax year in order to qualify for this credit for the subsequent property tax year.
If you and your spouse own the property as tenants by the entirety, the property is treated as if wholly owned by each spouse for the purposes of this credit. However, no more than one credit per property may be granted in any one year.
EXAMPLE 1: John and Jane Doe are married and jointly own their home. Jane is 66, but John is only 63. Jane may apply for the senior property tax credit without prorating the credit amount between she and John, even though they own the property jointly and John is not yet 65.
EXAMPLE 2: Harry and Sam Smith are married and both over 65. They are joint owners of their home. Harry and Sam may apply for the credit, but only one credit may be awarded for their home in any one year.
On Line D of the application, married couples should enter 1.000, even though listed as co-owners in the spaces above.
The law does not prevent more than one person from claiming a credit for the same property (provided they meet all established qualification criteria). However, no more than one full credit may be taken per property. Your share of the credit is determined by your ownership interest in the property.
EXAMPLE: Ethel O’Brien and Marvin Jones are co-owners of a home that they both occupy. Marvin is 66 and Ethel is 65. Marvin qualifies and may apply for the credit. However, the value of the credit for each person is reduced to reflect the fact that the property is co-owned and only one credit may be taken per property.
For the purposes of this credit, the ownership shares of each of the owners of the property are assumed to be equal, unless it is demonstrated that the ownership shares are not equal. If you are not the sole owner of the property (unless the co-owner is your spouse) you must state your percentage ownership in the property on Line D of the application.
Yes. Each co-owner should submit an application that contains their personal information in the primary section of the application and their co-owner(s) personal information in the co-owner section of the application.
(See discussion under “Married Taxpayers” section for an explanation of the primary and co-owner section of the application.)