2021 I-016 Schedule H, Wisconsin homestead credit. Schedule H - Wisconsin Homestead Credit-2025

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  1. Click ‘Get Form’ to open the 2021 I-016 Schedule H in the editor.
  2. Begin by entering your social security number and your spouse’s if applicable. Fill in your legal names as required.
  3. Indicate your residence details, including city, village, or town, and county at the end of 2021.
  4. Answer questions regarding age and disability status for both you and your spouse. Ensure you check the eligibility criteria outlined in the instructions.
  5. Complete the income section by accurately reporting all sources of income for 2021. Follow the format specified (no commas or cents).
  6. Calculate your household income and determine if it qualifies for a credit based on provided thresholds.
  7. Fill in property tax or rent information as applicable, ensuring to follow any specific instructions related to homeowners or renters.
  8. Review all entries for accuracy before signing and submitting your claim to the Wisconsin Department of Revenue.

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You must live in the home to qualify for the tax break. Some states exempt a certain percentage of a homes value from property taxes, while other states exempt a set dollar amount. If your state uses a percentage method, the exemption will be more valuable to homeowners with more valuable homes.
You are a legal resident of Wisconsin for all of 2024, from January 1 through December 31. You are 18 years of age or older on December 31, 2024. You have less than $24,680 in household income for 2024. See the definition of household income.)
To qualify for homestead credit for 2024 you must meet the following requirements: You are a legal resident of Wisconsin for all of 2024, from January 1 through December 31. You are 18 years of age or older on December 31, 2024. You have less than $24,680 in household income for 2024.
A homeowner 65 years of age or older with total household income of no more than $20,000 may annually apply to the Wisconsin Housing and Economic Development Authority (WHEDA) for a loan equal to the amount of property taxes and special assessments levied on the home.
The homestead credit program is designed to soften the impact of property taxes and rent on persons with lower incomes. The benefit available may take the form of an income tax credit or a direct refund.
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Low-income tenants or homeowners can qualify for the Homestead Credit if their income is under $24,680 as a household, and if they lived in a Wisconsin property for part or all of the tax year.
Credit Computation The credit is based on the relationship of household income to the amount of property taxes and rent. The maximum credit allowed is $1,168. Household income includes all taxable and certain nontaxable income, less a deduction of $500 for each qualifying dependent.
The maximum property taxes or rent constituting property taxes used to calculate the credit is $1,460. Beginning with claims filed for the 2025 tax year, this bill reduces the percentage used for household income over $8,060 from 8.785 to 5.614 percent and increases the maximum income amount from $24,680 to $35,000.

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