How do single adults sharing a home compute their homestead property tax credit?
If two or more individuals:
- share ownership and occupy the homestead or
- are contracted to pay rent and occupy the rental property
Each may file a claim based only on his/her prorated share of the taxable value and property taxes or rent paid and his/her own total household resources. If the taxable value is over $135,000 each owner may claim their prorated share of the taxable value and the taxes levied. Property taxes levied or monthly rent must be divided between each individual. Any gifts of cash or expenses (excluding the first $300) paid on your behalf must be included in total household resources.
If only one individual:
- owns the home or
- is contracted to pay rent
Only that individual may file a homestead property tax credit. The individual claiming the credit must include any gifts of cash or expenses paid on his/her behalf. This includes contributions from others living in the home used to pay household expenses (rent, taxes, utilities, etc.).