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laurance2025
New Member

What is Real Property Tax Credit? I own my own home and live there year round. Does that qualify me for that?

 
1 Reply
MarkB
New Member

What is Real Property Tax Credit? I own my own home and live there year round. Does that qualify me for that?

There is no real estate tax credit. 

Real estate tax and property tax are the same thing. The IRS uses the term "real estate tax" whereas most people call it "property tax," a term the IRS doesn't recognize.

Anyhow, real estate tax ("property tax") is imposed on immovable property – land and structures that are permanently attached to the ground such as a house, building, or land. If you own a home, you pay real estate tax directly to your local tax assessor or indirectly with your monthly mortgage payment.

On the other hand, personal property tax is an annual tax imposed on movable assets – mobile homes, RVs, vehicles, boats, planes, etc. The portion of your vehicle's registration or license fee that's based on the value of the vehicle is considered a personal property tax.

https://ttlc.intuit.com/replies/5630537

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