State Representative Nick Milroy (D-South Range) joined his colleagues in the introduction of legislation that will increase the income limits for eligibility for the Homestead Tax Credit.
The Homestead Credit Program is designed to lessen the burden of property taxes and rent for those with lower incomes. “The Homestead Tax Credit is a crucial resource for our state because it provides direct tax relief to Wisconsinites in need of assistance and helps to keep folks in their homes as the cost of housing continues to rise,” said Milroy. “This program is especially important to senior citizens with limited income who want to remain in their homes.”
LRB-0091/1 would increase the maximum income amount for an individual to be eligible for the Homestead Tax Credit from $24,680 to $30,000 starting in 2021 and index the current thresholds for inflation starting in 2023.
According to the Bureau of Labor Statistics, the cost of living has increased by 54 percent over the past 20 years, however, Wisconsin’s Homestead Tax Credit hasn’t been updated in those 20 years to reflect this.
“At a time when so many continue to recover from the financial hardships created by the COVID pandemic, expanding and updating the parameters of this credit will provide much-needed support to thousands of Wisconsinites. After two decades of enduring rising housing costs, this just makes sense,” Milroy concluded.