Margaret owns and occupies her home in Milwaukee as her primary residence. She meets all eligibility requirements and wants to claim the Wisconsin Homestead Tax Credit. Which agency administers this credit, and through what process must Margaret claim it?
Correct Answer
A) The Wisconsin Department of Revenue; Margaret must file Schedule H with her Wisconsin income tax return
The Wisconsin Homestead Tax Credit is administered by the Wisconsin Department of Revenue. Eligible homeowners — those with low to moderate income who own or rent their primary residence — claim the credit by filing Schedule H (or Schedule H-EZ) as part of their Wisconsin income tax return. The credit offsets a portion of property taxes paid relative to household income.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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