A homestead credit, only available in some states, is a property tax credit that reduces property taxes to qualifying individuals.
Residents of states offering a homestead credit qualify with moderate to low incomes. Some states automatically enroll residents, whereas other states require residents to apply.
Some states have age requirements to receive the tax credit, and in some locations, senior citizens get additional homestead credit benefits.
Taxes paid for housing expenses during the year are reimbursed in part or full to those who receive the homestead credit.
Aside from homeowners, renters are eligible for the homestead credit.
A home or apartment must be a permanent residence, but dormitories and second homes do not qualify.
- Photo Credit Image by Flickr.com, courtesy of Jeff Turner
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