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ghhobbs12
New Member

What do they mean when they say real property ? Is this your home or a business investment ?

The answer to property tax break was because I own real property with a market value of 85000 I don't qualify for the real Property Tax Credit . This value is my home . Nothing else .
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Vanessa A
Employee Tax Expert

What do they mean when they say real property ? Is this your home or a business investment ?

Are you talking about the NY Real Property Tax Credit?

 

If so, one of the criteria to claim the credit is that the current market value of all real property you own (houses, garage, land) must be worth $85,000 or less. 

 

Additional criteria for claiming the credit are that

  •  your household income must be $18,000 or less
  • you occupied the same New York residence for six months or more;
  • you were a New York State resident for the entire tax year;
  • you could not be claimed as a dependent on another taxpayer's federal income tax return;
  • your residence was not completely exempted from real property taxes;

If you are talking about a state other than NY, please respond and let us know which state you are referring to. 

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