Circuit Breaker for Seniors
Channel: Amherst Media
Date: 2011-10-04

Taxpayers 65 years and older with incomes of $51,000 or less -- $77,000 for joint filers -- and a residence with an assessed value of $764,000 or less, will be eligible for a tax credit on their state income tax return under the provisions of this law. Those who qualify for the credit will still be required to pay property taxes to their local community, but will receive a dollar credit, up to the maximum of $970 for every dollar their property tax and certain water and sewer bills exceed 10 percent of their income.

Senior citizens who rent their homes can also take advantage of the same dollar for dollar credit on their income tax returns, up to the same $970 maximum, if 25 percent of their annual rent exceeds 10 percent of their annual income.