The amount of any claim made pursuant to this chapter shall be determined as follows:

(1)  For any taxable year, a claimant is entitled to a credit against his or her tax liability equal to the amount by which the property taxes accrued or rent constituting property taxes accrued upon the claimant’s homestead for the taxable year exceeds a certain percentage of the claimant’s total household income for that taxable year, which percentage is based upon income level and household size. The credit shall be computed in accordance with the following table:

Income Range 1 Person 2 or More Persons
less than $6000 3% 3%
$6001-9000 4% 4%
$9001-12000 5% 5%
$12001-15000 6% 5%
$15001-35000 6% 6%

(2)  The maximum amount of the credit granted under this chapter will be as follows:

Year Credit Maximum
Commencing July 1977 $ 55.00
Commencing July 1978 $150.00
Commencing July 1979 $175.00
Commencing July 1980 $200.00
Commencing on July 1997 $250.00
and subsequent years  
Commencing on July 2006 $300.00

Commencing July 2007 and subsequent tax years ending on or before December 31, 2021, the credit shall be increased, at a minimum, to the maximum amount to the nearest five dollars ($5.00) increment within the allocation of five one-hundredths of one percent (0.05%) of net terminal income derived from video lottery games up to a maximum of five million dollars ($5,000,000) until a maximum credit of five hundred dollars ($500) is obtained pursuant to the provisions of § 42-61-15. In no event shall the exemption in any fiscal year be less than the prior fiscal year.

For tax years beginning on or after January 1, 2022, the maximum credit shall be six hundred dollars ($600).

For tax years beginning on or after January 1, 2023, the income range provided pursuant to subsection (1) of this section and the maximum credit granted pursuant to subsection (2) of this section shall be adjusted by the percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U) as published by the United States Department of Labor Statistics determined as of September 30 of the prior calendar years. Said adjustment shall be compounded annually and shall be rounded up to the nearest five dollar ($5.00) increment. In no event shall the income range or the maximum credit in any tax year be less than the prior tax year.

History of Section.
P.L. 1977, ch. 237, § 1; P.L. 1978, ch. 139, § 1; P.L. 1979, ch. 280, § 1; P.L. 1980, ch. 332, § 1; P.L. 1982, ch. 393, § 1; P.L. 1987, ch. 436, § 1; P.L. 1988, ch. 59, § 1; P.L. 1997, ch. 30, art. 30, § 1; P.L. 1998, ch. 31, art. 24, § 1; P.L. 1999, ch. 139, § 1; P.L. 2006, ch. 246, art. 30, § 5; P.L. 2006, ch. 330, § 1; P.L. 2006, ch. 442, § 1; P.L. 2022, ch. 231, art. 6, § 11, effective June 27, 2022.