Changes to Homestead Tax Credit Will Hit Wisconsin Seniors Hard
Thousands of seniors soon will pay higher property taxes, according to a report released today by the Wisconsin Budget Project, “A Hidden Property Tax Hike for Seniors.” The Homestead Credit, which puts money back into the pockets of low-income seniors and helps them stay in their homes, is shrinking this year because state legislators voted to stop adjusting the credit for inflation.
As a result, a senior relying on Social Security can expect his or her tax credit to drop by $209, or 28 percent, over the next five years, according to the analysis. Other seniors will lose the tax credit altogether because their Social Security income will increase, but the income level that determines eligibility for the tax credit will be frozen. Read the full press release.