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February 4, 2025
Question

What is the homestead excess property tax credit?

  • February 4, 2025
  • 1 reply
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Do I need to add my dependents income to my tax information?

    1 reply

    February 4, 2025

    If you're referring to the West Virginia credit, according to HOMESTEAD EXCESS PROPERTY TAX CREDIT in the Personal Income Tax Forms & Instructions:

    The Homestead Excess Property Tax Credit provides a refundable credit of up to $1,000 for low-income property owners whose real property tax, less senior citizen tax credit, paid on your OWNER-OCCUPIED home exceeds 4% of your income (gross household income including social security benefits).  Low-income is defined as federal adjusted gross income that is 300% or less of the federal poverty guideline, based upon the number of individuals in the family.  Eligibility for the Homestead Exemption program is not necessary to qualify for this credit.  If you are claiming the Disabled Veteran Property Tax Credit, you cannot take the Senior Citizen Tax Credit or the Homestead Excess Property Tax Credit.

    Yes, you would need to enter the income of all individuals living in the household to compute the credit.  See Schedule HEPTC-1

     

    In the West Virginia portion of TurboTax Online, you'll come to the Homestead Excess Property Tax Credit page. If you paid real property taxes on your West Virginia residence, you'll select the bullet next to Yes, then Continue.

     

    The Enter Information For Homestead Excess Property Tax Credit page will generate, and you'll have the opportunity to enter the income of other individuals in the household, among other information.

     

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    [Edited 2/4/2025 | 1:21 pm PST to add reference to West Virginia in the first line]

    @kadenslilmama06