Bill > H2498

This bill, effective January 1, 2013, aims to freeze real property tax payments for elderly homeowners by allowing a tax credit. Specifically, it amends existing law to provide two new options for individuals who are 65 years or older, not claimed as a dependent by another taxpayer, and who live in their residential property as their primary home. First, tenants can receive a credit for rent that constitutes real estate tax payments, if those payments exceed 10% of their total income, up to a maximum of $750. Second, homeowners can receive a credit for the amount their real estate tax payment exceeds what they paid in calendar year 2012, with an adjustment for cost-of-living increases to their income limit.