The Return On Property Tax Rebate PropertySenior citizen property owners receive an enhanced STAR exemption on their tax bill will receive a rebate check automatically, and for seniors with enhanced STAR, no application is required. Senior property tax rebates are made in the form of a check made out to the client for up to $500 or $600 depending on program guidelines, where they must be 65 years of age or older or over the age of 18 and 100% disabled at the time of application. The rebate shall be in an amount equal to 10% of those taxes paid in a taxable year minus the amount of any credit allowed under the Income Tax Act for that taxable year and minus any rebate paid for that taxable year. Seniors 65 and over qualify for the senior program if they own a residential property (a single occupancy, multiple occupancy, trailers, condos, but not apartment buildings of 5 or more units). The cut is 50%, up to $500, on their regular school portion of their tax bill. Act 1 increases the income limit from $15,000 to $35,000 for homeowners and boosts the maximum rebate for both homeowners and renters from $500 to $650. Applicants can still exclude half of their Social Security, Supplemental Security Income and Railroad Retirement benefits, so homeowners who make more than $35,000 a year and renters who make more than $15,000 may still qualify for a rebate. Act 1 also gives districts the option to deliver property tax relief by increasing local earned income tax or personal income tax. Properties being rehabilitated or newly constructed qualify, where tax rebates apply to increased taxes actually paid on the improved value of a property and do not apply to existing property taxes. If you paid less than $400 in combined property taxes on your principal residence you may claim a refund for the amount of property taxes that you did pay. No individual may claim nor may the department allow a credit in excess of $50,000 for any single project, but an individual may be involved in several different approved projects. The reduction in property taxes on a lot of property resulting from the reduction in the property tax rate pursuant to this subsection shall not exceed five hundred dollars. The excess in property taxes for a parcel of property resulting from the reduction in the property tax rate rebate pursuant to this subsection over five hundred dollars shall be deducted from the amount of additional state aid for education. |