Form It-214 - Claim For Real Property Tax Credit - New York Page 2

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IT-214 (2006) (back)

Step 4 — Compute real property tax

19 Enter the total amount of rent you and all members of your household paid

Renters

during the year 2006.

(Do not include any subsidized part of your rental charge.) ....................

19.

only

20 Adjusted rent – If line 19 includes charges for:

Enter on line 20

heat, gas, electricity, furnishings, and board ................ 50% (.5) of line 19

heat, gas, electricity, and furnishings ........................... 75% (.75) of line 19

heat, gas, and electricity .............................................. 80% (.8) of line 19

heat or heat and gas . ................................................... 85% (.85) of line 19

none of the above......................................................... 100% of line 19 . ......................... 20.

21 Average monthly adjusted rent

............ 21.

(divide line 20 by the number of months you paid rent)

If line 21 is more than $450, stop; you do not qualify for this credit.

22 Multiply line 20 by 25% (.25); enter here and on line 28 ................................................... 22.

Homeowners

23 Real property taxes paid during the year 2006

. ....................................... 23.

(see instructions)

only

24 Special assessments ........................................................................................................ 24.

25 Add lines 23 and 24 .......................................................................................................... 25.

26 Exemption for homeowners 65 and over

................................... 26.

(optional - see instructions)

27 Add lines 25 and 26; enter here and on line 28 . ................................................................ 27.

Step 5 — Compute credit amount

28 Renters: Enter amount from line 22. Homeowners: Enter amount from line 27

.............. 28.

(see instructions)

If line 28 is zero or less, stop; no credit is allowed.

29 Enter amount from line 18 ........................................................................................................................... 29.

If line 29 is equal to or more than line 28, stop; you do not qualify for this credit.

30 Subtract line 29 from line 28 . ....................................................................................................................... 30.

31 Multiply line 30 by 50% (.5)

. ........... 31.

(However, if you entered an amount on line 26, multiply line 30 by 25% (.25.))

32 Credit limit

...................................................................................... 32.

(see instructions; enter amount from chart)

33 Enter the amount from line 32 or 31, whichever is less. This is the credit for your household.

........................................... 33.

(If more than one member of your household is filing Form IT-214, see instructions.)

If you are filing this claim with your New York State income tax return, enter the line 33

amount on Form IT-150, line 42, or Form IT-201, line 67.

Step 6 — Finish your claim