Background

HISTORY

In 1978, New York State implemented a property tax circuit breaker program. The purpose of this tax relief program is to reduce property taxes for homeowners and renters with household incomes of less than $18,000.

WHO ADMINISTERS THE PROGRAM

The Real Property Tax Credit is administered by New York State Department of Taxation and Finance.

FUNDING

The Real Property Tax Credit is funded from tax revenues collected by the Department of Taxation and Finance.

Summary of the Real Property Tax Credit

The Real Property Tax Credit is a benefit for New York State income tax filers who own or rent property and have a household gross income of $18,000 or less, and pay either real property taxes or rent their residence(s). To apply for the credit, taxpayers must fill out NYS tax form IT 214, Claim for the Real Property Tax Credit, and attach it to his/her NYS income tax return.

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Tax Credits

 
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