Actually for the Homestead Credit the current year property tax bill need not be paid, but the bill must be prorated for the time actually owned and occupied. The taxpayer must also be a legal resident of Wisconsin for the entire year. As pointed out above if the taxpayer rented for part of the year they can calculate the homestead credit based on the amount of rent and the prorated property taxes. Or if sold and bought a new home you would prorate the property taxes for each home. The total of rent and/or property taxes cannot be for more than 12 months.
The income maximum for 2010 is $24,680 and includes income from taxable and nontaxable sources such as social security, child support, etc....
