You're talking about the Homestead Property Tax Credit.
When you are a renter, that credit is based on the rent you pay (they figure part of the rent you pay goes towards the property tax of the building in which you rent)
Now that you are a homeowner, the credit is based on your property tax and that is based on the assessed value. Also, the credit is eliminated if your home value is over a certain amount.
Rather than reporting what you paid in rent for the credit, you report what you paid in property tax.
You also report the taxable value in case the value is over the limit for the credit.
The taxable value is listed on your property tax bill.
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