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 - $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 |
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% |
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.