**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 billed 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 billed 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 billed 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 - $46,999 | 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) For a claimant whose household income is $35,000 or more but less than $45,000, the amount of the credit is equal to the credit calculated under this section multiplied by the decimal equivalent of a percentage figure according to the following table:

Gross household income | Percentage of credit allowed |

$35,000 - $37,500 | 40% |

$37,501 - $40,000 | 30% |

$40,001 - $42,500 | 20% |

$42,501 - $44,999 | 10% |

$45,000 or more | 0% |

(6) The credit granted may not 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; amd. Sec. 3, Ch. 543, L. 1997; amd. Sec. 3, Ch. 547, L. 1999.