Property-tax credits rise for age 75 and up
Advertiser Staff
Property tax credits available to low-income homeowners whose households include seniors 75 or older will increase under a measure approved by the City Council and Mayor Mufi Hannemann.
Currently, homeowners with a combined titleholders' income of $50,000 or less are eligible for a credit equal to the amount by which their taxes calculated for the property exceed 4 percent of the combined titleholders' income, if certain qualifications are met.
For those titleholders 75 or older (on or before June 30 preceding the tax year for which the credit is claimed), the percentage of the combined titleholders' income is reduced to 3 percent.
For example, for a homeowner with a property tax bill of $3,000 and combined titleholders' income of $50,000:
Applicants must file their federal and state income tax returns, if required, prior to the application deadline. They must also submit a tax return transcript provided by the IRS, if a federal income tax return was filed.
Applications for the property tax credit must be filed no later than Oct. 1, 2007. For more information, call the city's Real Property Tax Collection office at 523-4856.
