Eligible Wisconsin senior homeowners could claim credits for property taxes

Eligible homeowners could claim 75% of qualifying property taxes paid. The state would pay any credit amount above their income taxes owed. Claimants must reach age 65 by December 31 of the tax year; either spouse can meet this rule on a joint return. The home includes surrounding land up to one acre. Household taxable income, including a spouse’s income, must be below $24,500. The home’s assessed value must be below $300,000. Claimants must be full-year Wisconsin residents who own and use the Wisconsin home as their primary home throughout the tax year. Leased homes do not qualify. Qualifying taxes exclude special assessments, late-payment interest, service charges, and business expenses. Certain monthly local permit fees count. Shared owners could claim only their ownership share, including a spouse’s share on joint returns. The proposal would set aside enough state money to pay credit amounts above income taxes owed. The proposed credit would apply to tax years beginning on or after January 1, 2026.

Claimants would face limits on combining this credit with other property tax credits. These limits would apply to households claiming the proposed senior property tax credit. Neither the claimant nor their spouse could claim the veterans and surviving spouses property tax credit for the same tax year. The same property tax amounts could not also count toward the school property tax credit, farmland preservation credits, or the homestead credit. The text generally allows one claimant per household. It also allows eligible spouses filing separate returns to claim their respective ownership shares. Claims must meet the deadline in the referenced tax refund law.