15-30-176. Residential property tax credit for elderly -- computation of relief. The amount of the tax credit granted under the provisions of 15-30-171 through 15-30-179 is computed as follows:
(1) In the case of a claimant who owns the homestead for which a claim is made, the credit is the amount of property tax paid less the deduction specified in subsection (4).
(2) In the case of a claimant who rents the homestead for which a claim is made, the credit is the amount of rent-equivalent tax paid less the deduction specified in subsection (4).
(3) In the case of a claimant who both owns and rents the homestead for which a claim is made, the credit is:
(a) the amount of property tax paid on the owned portion of the homestead less the deduction specified in subsection (4); plus
(b) the amount of rent-equivalent tax paid on the rented portion of the homestead less the deduction specified in subsection (4).
(4) Property tax paid and rent-equivalent tax paid are reduced according to the following schedule:
Household income Amount of reduction
$ 0-999 $0
1,000-1,999 $0
2,000-2,999 the product of.006 times the household income
3,000-3,999 the product of.016 times the household income
4,000-4,999 the product of.024 times the household income
5,000-5,999 the product of.028 times the household income
6,000-6,999 the product of.032 times the household income
7,000-7,999 the product of.035 times the household income
8,000-8,999 the product of.039 times the household income
9,000-9,999 the product of.042 times the household income
10,000-10,999 the product of.045 times the household income
11,000-11,999 the product of.048 times the household income
12,000 & over the product of.050 times the household income
(5) In no case may the credit granted exceed $1,000.
History: En. Sec. 6, Ch. 584, L. 1981; amd. Sec. 2, Ch. 134, L. 1983; amd. Sec. 11, Ch. 574, L. 1995.
