What is the New York Real Property Tax Credit for Homeowners and Renters?

According to the instructions for Form IT-214, "the real property tax credit may be available to New York State residents who have household gross income of $18,000 or less, and pay real property taxes or rent for their residences, or both. If all members of your household are under age 65, the credit can be as much as $75. If at least one member of your household is age 65 or older, the credit can be as much as $375."

Do I qualify for the credit?

To qualify for the real property tax credit, taxpayers must meet all of the following conditions:

• Household gross income must be $18,000 or less
• Lived in the same New York residence for at least six months
• You were a New York resident the entire tax year
• You cannot be claimed as a dependent on someone else's return
• Your residence was not completely exempt from property taxes
• The current market value for all your real property must be $85,000 or less
• Additionally, you must meet the conditions for either homeowners or renters below.
  • Homeowners
    • You or your spouse paid property taxes
    • Any rental income received from nonresidential use of your home was 20% or less of the total rent received.
  • Renters
    • You or a member of your household paid rent for your residence
    • The average monthly rent was $450 or less. This does not include charges for heat, energy, furnishings, board, or gas.

Program Entry

• State Section 
• Edit NY Resident Return
• Credits 
• Real Property Tax Credit (IT-214)

For more information regarding the New York real property tax credit, please see the instructions.