2012 Income Tax FAQ - 405

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What are the qualifications for New York's Property Tax Credit if I am a homeowner?

You must meet all of these conditions to be eligible for the credit:

household gross income less than $18,000
occupied the same NY residence for six months or more
you paid property taxes on residence
NY resident all of 2011
could not be claimed as a dependent of another
value of all real property owned less than $85,000 and any rent you received for nonresidential use was 20% or less of total rent.

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