Disclaimer

Line 67: "Renter's Credit" also known as "Real Property Tax Credit"

Note:  the name "renter's credit" is misleading. This is a refundable credit designed to provide property tax relief to low-income homeowners (who pay property tax directly) AND renters (who pay property tax indirectly through rent paid to landlords who pay property taxes.)
 
 
Important points:
 
Total household income must be less than $18,000. 
 
For this purpose, total household includes some kinds of non-taxable income. 
 
It also includes income from other household members whose income may not be on the tax return. You will need to ask the taxpayer to provide that additional information on Form IT-214.
 
 
Renters are eligible ONLY if both of the following are true:
 
1) they pay rent to a landlord who is not totally exempt from property taxes (this means that tenants of municipal housing authorities are NOT eligible)
 
2) their rent is less than $450 per month AFTER adjustments for utilities that may be included in rent.  (TaxWise will calculate the adjusted rent based on information provided about rent and utilities included.)
 
 
 
Homeowners are eligible ONLY if both of the following are true:
 
1) they pay property taxes
 
2) the value of their home is less than $85,000
 
 
 

 

You may be entitled to this credit if you meet the conditions below for tax year 2010.

  • Your household gross income is $18,000 or less.   (TOTAL for ALL household members combined)
  • You occupied the same New York residence for six months or more.
  • You were a New York State resident for all of 2008.
  • 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. (This means that public housing tenants are NOT eligible)
  • The current market value of all real property you owned, such as houses, garages, and land, was $85,000 or less.
  • You must also meet all the conditions listed under either Homeowners or Renters below:

Homeowners:

  • 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

Renters:

  • 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.    A household that pays more than $450 in rent MAY be eligible if utilities are included in the rent.  )

How much is the credit? 

  • If all members of your household are under 65, the credit can be as much as $75.
  • If at least one member of your household is 65 or older, the credit can be as much as $375.
  • If your credit is more than the taxes you owe, you can claim a refund. 

How do I claim this credit?

For more information, see the Instructions for Form IT-214

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